Podcasts about rational reminder podcast

Beyond the sales pitches, acronyms, and product talk, what does it mean to be a financial planner? In this episode of the Rational Reminder Podcast, we sit down with long-time industry leader and advocate Jason Pereira. Jason is a Canadian financial planner with over 20 years of experience, dual CFP certification (Canada and US), and a passion for professionalizing the field. In our conversation, Jason shares details about his client-centred investment philosophy, explains why fiduciary duty is foundational, and unpacks the complexities of index fund adoption in Canada. We also delve into the barriers to transparent, evidence-based advice, the true role of a financial planner, the impact of the Fintech revolution, and the pros and cons of mortality pooling. He also challenges common myths surrounding financial planning, shares best practices for vetting financial advisors, and explains why the industry is long overdue for a transformation. Join us for career insights, cautionary tales, and forward-looking ideas that challenge the conventional thinking of what financial planning is, with Jason Pereira! Key Points From This Episode:   (0:05:13) Jason's core investment philosophy and perspective on factor-based indexing. (0:07:15) Environmental, Social, and Governance (ESG) trends and client conversations. (0:12:36) What fiduciary duty means, why it matters, and why some institutions fight against it.  (0:18:09) Unpack the complexities of why Canada is behind the US in index fund adoption. (0:20:52) Learn about the true role and common misconceptions of a financial planner. (0:24:30) Explore how technology and the rise of generative AI are changing financial planning. (0:31:55) How advisors can maintain strong personal relationships with clients in a digital world. (0:37:00) Find out what a high-quality financial plan looks like and what it covers. (0:39:44) His favourite financial planning-related argument to get into on the internet. (0:41:20) Uncover how mortality and annuities should influence financial planning. (0:48:06) Permanent life insurance explained: best use cases and when to avoid. (0:50:48) Jason shares his nerdiest and most broadly applicable financial planning advice. (0:53:29) He explains the best practices for estimating a client's life expectancy.  (0:56:48) A breakdown of financial planner designations and how to vet a financial planner. (1:03:59) Hear about his expert witness work and the costs of bad advice. (1:08:55) Discover why Jason chooses to fight against financial misinformation online. (1:11:18) The origins and vision of FPAC and Jason's definition of success.    Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://x.com/RationalRemind Rational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.ca Benjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://pwlcapital.com/our-team/ Cameron on X — https://x.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/` Jason Pereira — https://jasonpereira.ca/ Jason Pereira on Facebook — https://facebook.com/jasonpereirafinancialplanner/ Jason Pereira on X — https://x.com/jasonpereira Jason Pereira on LinkedIn — https://linkedin.com/in/pereirajm Jason Pereira on YouTube — https://youtube.com/@jasonperieraFP The Fintech Impact Podcast — https://jasonpereira.ca/the-fintech-impact-podcast-jason-pereira Conquest Planning — https://conquestplanning.com/en-ca/home Replit — https://replit.com/ FP Canada — https://fpcanada.ca/ Financial Planning Association of Canada (FPAC) — https://fpassociation.ca/ Episode 188: Prof. Ayelet Fishbach — https://rationalreminder.ca/podcast/188 Episode 236: Harold Geller — https://rationalreminder.ca/podcast/236   Papers From Today's Episode:    ‘Current Practices for Risk Profiling in Canada and Review of Global Best Practices' — https://osc.ca/sites/default/files/2021-02/iap_20151112_risk-profiling-report.pdf ‘Financial Risk Tolerance: A Psychometric Review' — https://dx.doi.org/10.2139/ssrn.3088292

The fifth installment of our Ask Me Anything sessions begins with the inevitable volatility of the stock market as we urge investors to remain calm amidst recent US stock declines. Similarly, we unpack the historical resilience of stock markets and offer advice for dealing with market crashes before discussing why bonds are not the best strategy for boosting returns. We examine the proposed Alberta Pension Plan, the Rational Reminder Podcast guests whose impact still ripples across PWL, how to be a PWL-style advisor, and we revisit the DFA versus Vanguard debate. We also explain why spending rules aren't for us at PWL, the relationship between the amount to withdraw and the stock/bond allocation, and alternatives for short-term horizon investing, saving, and equities. To end, we hear feedback from Atti Ilmanen as well as reviews from listeners, but before all that, Mark McGrath shares bittersweet news! Stay tuned for an episode full of reflection, strategy, and insight.   Key Points From This Episode:   (0:01:13) The inevitability of market volatility and the historical resilience of stock markets. (0:13:04) How to approach a volatile market and advice for dealing with a market crash.  (0:18:06) Why bonds are not a return-enhancing strategy. (0:21:04) A brief examination of the proposed Alberta Pension Plan. (0:25:02) Impactful guests who have influenced how we work at PWL Capital. (0:33:25) How to be a PWL-style advisor. (0:35:37) Weighing Dimensional funds (DFA) against Vanguard and others.  (0:41:57) Why spending rules aren't really our thing.  (0:44:56) The relationship between the amount to withdraw and the stock/bond allocation. (0:49:50) Exploring alternatives for short-term horizon investing, saving, and equities. (0:57:00) An important announcement from Mark! (1:02:51) The Aftershow: feedback from Antti Ilmanen, listener reviews, and final thoughts.    Links From Today's Episode: Meet with PWL Capital — https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Dan Bortolotti on LinkedIn — https://www.linkedin.com/in/dan-bortolotti-8a482310/ Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://x.com/MarkMcGrathCFP Episode 248: Prof. William Goetzmann: Learning from Financial Market History — https://rationalreminder.ca/podcast/248   Episode 100: Prof. Kenneth French: Expect the Unexpected — https://rationalreminder.ca/podcast/100  Episode 352: Jessica Moorhouse: Everything But Money — https://rationalreminder.ca/podcast/352   Episode 316: Andrew Chen: "Is everything I was taught about cross-sectional asset pricing wrong?!" — https://rationalreminder.ca/podcast/316  Episode 224: Prof. Scott Cederburg: Long-Horizon Losses in Stocks, Bonds, and Bills — https://rationalreminder.ca/podcast/224  Episode 284: Prof. Scott Cederburg: Challenging the Status Quo on Lifecycle Asset Allocation — https://rationalreminder.ca/podcast/284  Episode 350: Scott Cederburg: A Critical Assessment of Lifecycle Investment Advice — https://rationalreminder.ca/podcast/350  Episode 89: Wade Pfau: Safety-First: A Sensible Approach to Retirement Income Planning — https://rationalreminder.ca/podcast/89  Episode 289: Retiring Retirement Income Myths with the Retirement Income Dream Team — https://rationalreminder.ca/podcast/289  Episode 122: Prof. Moshe Milevsky: Solving the Retirement Equation — https://rationalreminder.ca/podcast/122  Episode 59: Alexandra Macqueen: Financial Economics and Annuities: Rational Planning for Retirement — https://rationalreminder.ca/podcast/59  Episode 283: When Volatility is Risk, and Introducing The Money Scope Podcast — https://rationalreminder.ca/podcast/283  Episode 351: DFA vs. Vanguard — https://rationalreminder.ca/podcast/351  Episode 254: David Blanchett: Regret Optimized Portfolios, and Optimal Retirement Income — https://rationalreminder.ca/podcast/254  Episode 152: Evaluating Systematic Equity Strategies — https://rationalreminder.ca/podcast/152  Episode 347: The Case for Index Funds — https://rationalreminder.ca/podcast/347  Episode 281: Lifecycle Asset Allocation, and Retiring Successfully with Justin King — https://rationalreminder.ca/podcast/281  Episode 315: An Update from Avantis with Eduardo Repetto — https://rationalreminder.ca/podcast/315  Alberta Pension Plan — https://www.albertapensionplan.ca/  Financial Planning Association of Canada — https://www.fpassociation.ca/  Hook — https://www.imdb.com/title/tt0102057/  Antti Ilmanen | AQR — https://www.aqr.com/About-Us/OurFirm/Antti-Ilmanen    Books From Today's Episode:    The Great Depression: A Diary — https://www.amazon.com/dp/1586489011  Narrative Economics: How Stories Go Viral and Drive — https://www.amazon.com/dp/0691182299    Papers From Today's Episode:    ‘Negative Bubbles: What Happens after a Crash' — https://ssrn.com/abstract=3038658  ‘Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice' — https://ssrn.com/abstract=4590406   ‘Financially Sound Households Use Financial Planners, Not Transactional Advisers' — https://www.financialplanningassociation.org/sites/default/files/2023-01/APR19%20Blanchett.pdf  ‘Finding and Funding a Good Life' — https://pwlcapital.com/finding-and-funding-a-good-life/ 

What if the key to financial success isn't just a better budget, but a better understanding of your relationship with money? In this episode of the Rational Reminder Podcast, Ben and Dan sit down with Jessica Moorhouse to delve into the ins and outs of personal finance. Jessica is a money expert, Accredited Financial Counsellor Canada®, speaker, and bestselling author of Everything but Money. She is also the host of the More Money Podcast, one of Canada's leading personal finance shows. During today's conversation, Jessica unpacks the difference between a financial planner and a counsellor and why empathy is the missing piece in personal finance. Find out how different emotions and early memories of money can influence our perspective on personal finance, hear why understanding your relationship with money is so important, and learn about common financial behaviours to avoid. Jessica also delves into the value of understanding past traumas, the power of intergenerational money experiences, and whether mental health or a financial foundation is more important. Tune in now!   Key Points From This Episode:   (0:02:50) Uncover the difference between a financial counsellor and a financial planner. (0:05:55) Her approach to working with clients and meeting their non-financial needs. (0:09:15) Find out what is missing in personal finance and why it is essential. (0:11:39) How shame impacts financial decision-making and common sources of shame. (0:14:50) Ways relative financial well-being and privilege shape our perspective of money. (0:19:46) Hear how to overcome financial shame and how it differs from feelings of guilt. (0:22:35) Rational versus irrational guilt and how fear affects financial decisions. (0:25:46) Learn about jealousy and envy as well as their impact on personal finance. (0:27:31) Early money memories and pragmatic money exercises to help frame your mindset. (0:36:54) Explore the power of understanding your money story for better financial decisions. (0:39:04) Unpack the common money habits to break and examples of toxic behaviours. (0:43:34) The interconnection between trauma and money and why it is important. (0:48:01) Jessica shares how learning about trauma informed her counselling approach. (0:53:05) Navigating mental health challenges and intergenerational money experiences. (0:58:11) Discover why spending money will not lead to long-term happiness. (1:02:33) Tips to begin rewriting your money story and Jessica's definition of success.   Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Dan Bortolotti on LinkedIn — https://www.linkedin.com/in/dan-bortolotti-8a482310/ Canadian Couch Potato — https://canadiancouchpotato.com/ Jessica Moorhouse — https://jessicamoorhouse.com/ Jessica Moorhouse on LinkedIn — https://www.linkedin.com/in/jessicaimoorhouse/ Jessica Moorhouse on YouTube — https://www.youtube.com/c/jessicamoorhouse1 Jessica Moorhouse on TikTok — https://www.tiktok.com/@jessicaimoorhouse Jessica Moorhouse on Facebook — https://www.facebook.com/jessicaimoorhouse Jessica Moorhouse on Instagram — https://www.instagram.com/jessicaimoorhouse/ More Money Podcast — https://podcasts.apple.com/za/podcast/more-money-podcast/id996219697 Everything but Money — https://www.amazon.com/Everything-but-Money-Barriers-Financial/dp/1443472174

Is the government manipulating inflation data? Why do so many people feel like their personal costs are rising faster than official inflation numbers suggest? In this episode of the Rational Reminder Podcast, we dive deep into one of the most debated and misunderstood economic topics: inflation. Today, we are joined by Andrew Barclay, an economist and senior analyst in the Consumer Price Division at Statistics Canada, to discuss everything you need to know about inflation and the Consumer Price Index (CPI). Statistics Canada is Canada's national statistical agency dedicated to producing accurate, relevant, and timely data to help Canadians better understand their country. In our conversation, we unpack how inflation and the CPI are calculated and why it is so important. We explore the controversy around CPI calculations and the influence of inflation on government benefits, tax brackets, and the overall economy. Andrew also addresses scepticism and conspiracy theories about government inflation reporting, uncovers drivers of the perception gap, and explains how Statistics Canada ensures the accuracy and integrity of its data. Join us to hear the real story behind CPI and inflation with Andrew Barclay!   Key Points From This Episode:   (0:00:00) Background about Andrew and what inspired today's topic.  (0:05:33) Find out why measuring inflation is important and how the CPI is calculated.  (0:10:08) What goes into the CPI basket and how frequently the contents are updated. (0:12:42) How consumer choices impact inflation and how 'shrinkflation' is accounted for. (0:15:43) Learn how quality adjustments are accounted for in the CPI and why they matter.  (0:19:01) Scepticism surrounding quality adjustments and how the CPI adapts to crises. (0:25:21) The role of grocery price tracking and why Canada uses a single CPI measure. (0:28:08) Explore the idea of personal inflation and why it is usually different to the CPI. (0:31:10) The difference between home prices and housing costs and how they are calculated. (0:35:41) Hear how Statistics Canada's approach for housing compares to other methodologies. (0:41:15) Perceived inflation versus actual inflation and drivers of the inflation perception gap. (0:51:58) Statistics Canada's method of dealing with the perception gap and ensuring quality.  (0:55:51) Uncover the most criticized indexes and how Statistics Canada includes feedback. (1:01:52) Andrew's message for those who do not trust the CPI and his definition of success.   Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://x.com/MarkMcGrathCFP Andrew Barclay on LinkedIn — https://www.linkedin.com/in/andrew-barclay-a38b6035/ Statistics Canada — https://www.statcan.gc.ca/ Canadian System of National Accounts | 'Catalogue of products' — https://publications.gc.ca/Collection/Statcan/13F0029X/13F0029XIE2000001.pdf Bank of Canada — https://www.bankofcanada.ca/ Canadian Real Estate Association (CREA) — https://www.crea.ca/ Episode 323: Renting Versus Buying a Home in Canada 2005-2024 — https://rationalreminder.ca/podcast/323 Surveys of Consumers | University of Michigan — https://data.sca.isr.umich.edu/ Statistics Canada | The Daily — https://www150.statcan.gc.ca/n1/dai-quo/index-eng.htm   Books From Today's Episode:   The Courage to Be Disliked — https://www.amazon.com/Courage-Be-Disliked-Phenomenon-Happiness/dp/1501197274   Papers From Today's Episode:  'The naked eye versus the CPI: How does our perception of inflation stack up against the data?' — https://www.statcan.gc.ca/o1/en/plus/256-naked-eye-versus-cpi-how-does-our-perception-inflation-stack-against-data

As the year draws to a close, the Rational Reminder Podcast team delivers an engaging year-end special with a unique twist. Rather than curating clips from previous episodes, Ben Felix, Dan Bortolotti, and Mark McGrath dive into an AMA-style episode, answering listener-submitted questions. They share reflections on lessons learned, highlight impactful community discussions, and provide thoughtful takes on investing strategies, personal growth, and financial planning. They discuss their evolving views on human capital integration, portfolio diversification, and the importance of behavioural finance in long-term planning. They also revisit key themes from earlier episodes and offer heartfelt thank-yous to their team and audience for a remarkable year. Join us for a mix of practical insights, entertaining banter, and a glimpse into what's ahead for the Rational Reminder Podcast. Don't miss this memorable year-end wrap-up! Key Points From This Episode:   (0:00:00) Episode format and a thank you to the PWL Capital team, producers, and audience. (0:05:14) Influential community discussions and their insights on efficient ETF design. (0:10:14) Hear the reason behind Ben's decision to shave his head for so long. (0:13:51) How to integrate human capital into useful financial planning and strategy. (0:19:33) They share their thoughts on the evolving definition of success in life and work. (0:23:33) Their top finance and investment book recommendations for retail investors. (0:28:50) Uncover the nuances of assessing a value premium within an ETF. (0:30:46) How real-life events shaped their approach to providing guidance and financial advice. (0:37:18) Return stacking and a comparison of Dimensional's and Avantis' vector portfolios. (0:41:05) Risks of bonds, bills, and credit and why past returns do not guarantee future results. (0:48:27) Explore the complexities of tax-efficient ETFs and Thrift Savings Plan (TSP) options. (0:56:50) Balancing long-term investment assumptions with short-term market dynamics. (1:03:23) We debate the U.S. market's valuation and the implications for asset allocation. (1:10:15) Hard financial lessons from Ben, Mark, and Dan's investment journeys.  (1:16:29) Unpack the pros and cons of life insurance, infinite banking, and whole life insurance. (1:28:35) Aftershow: reviews, Marks's beard, a final thank you, and more.   Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://x.com/MarkMcGrathCFP Dan Bortolotti on LinkedIn — https://www.linkedin.com/in/dan-bortolotti-8a482310/ Canadian Couch Potato — https://canadiancouchpotato.com/ The Podcast Consultant — https://thepodcastconsultant.com/ Morgan Housel — https://www.morganhousel.com Dimensional Fund Advisors — https://dimensional.com/ Avantis — https://avantisfi.com/ Dan Solin — https://danielsolin.com/ Global X — https://globalxetfs.com/ Episode 138: Factor Investing in Fixed Income — https://rationalreminder.ca/podcast/138 Episode 163: Dave Plecha — https://rationalreminder.ca/podcast/163 Episode 198: Gerard O'Reilly — https://rationalreminder.ca/podcast/198 Episode 316: Andrew Chen — https://rationalreminder.ca/podcast/316 Episode 332: Randolph Cohen & Michael Green — https://rationalreminder.ca/podcast/332   Books From Today's Episode:   Are You a Stock or a Bond? — https://amazon.com/Are-You-Stock-Bond-Financial/dp/0133115291 Reboot Your Portfolio — https://amazon.com/Reboot-Your-Portfolio-Successful-Investing-ebook/dp/B09P4G9LR7 Wealthier — https://amazon.com/Wealthier-Investing-Field-Guide-Millennials-ebook/dp/B0CX2VD1CW The Psychology of Money — https://amazon.com/Psychology-Money-Timeless-lessons-happiness/dp/0857197681 Thinking, Fast and Slow — https://amazon.com/Thinking-Fast-Slow-Daniel-Kahneman/dp/0374533555 A Random Walk Down Wall Street — https://amazon.com/Random-Walk-Down-Wall-Street/dp/0393330338/ Winning the Loser's Game — https://amazon.com/Winning-Losers-Game-Strategies-Successful/dp/1264258461/ Wealth Planning Strategies for Canadians 2024 — https://amazon.ca/Wealth-Planning-Strategies-Canadians-2024/dp/166871504X Becoming Your Own Banker — https://amazon.com/Becoming-Your-Own-Banker-Infinite/dp/B001NZO1DS   —    Papers From Today's Episode:    'Who Are the Value and Growth Investors?' — https://onlinelibrary.wiley.com/doi/abs/10.1111/jofi.12473 'Portfolios for Long-Term Investors' — https://academic.oup.com/rof/article/26/1/1/6484661 'Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice' — https://dx.doi.org/10.2139/ssrn.4590406

In today's episode, Cameron sits down with Mark McGrath to talk about his trip to Trondheim, Norway, the event he attended there, and his presentation in which he shared top lessons from prestigious Rational Reminder Podcast guests. Tuning in, you'll hear Cameron's top takeaways from conversations with Nobel laureate Eugene Fama and his collaborator Kenneth French, as well as Robert Merton, Antti Ilmanen, Professor Ludovic Phalippou, and more. We also delve into the changing industry trends regarding index investing and the many benefits that come with embracing it, including how it helps financial advisors better serve their clients. Stay tuned for our after-show section, where we discuss advice for new advisors, from developing a robust investment philosophy to building a network, along with insights to help consumers navigate the industry and much more. To learn all about Cameron's trip to Norway, top guest takeaways, and industry trends around index investing, be sure to tune in!   Key Points From This Episode:   (0:01:13) An overview of today's episode and a discussion on industry trends. (0:03:56) Our conversation with Håkon Kavli on managing Reitan Kapital. (0:04:38) What it was like for Cameron to meet Håkon Kavli and Magnus Reitan in Norway. (0:05:42) The excellent event in Trondheim, Norway, and their impressive lineup of speakers. (0:08:56) Unpacking industry trends in index investing and why more people are embracing it. (0:09:42) The light bulb moment for Mark and Cameron regarding index investing. (0:19:07) Highlights from our interviews with Eugene Fama, Ken French, and Robert Merton. (0:25:28) Dr. Annamaria Lusardi's insights and takeaways from our John Cochrane interview. (0:29:05) Top lessons from our conversation with Antti Ilmanen on low-expected returns. (0:30:58) Insights from talking with Professor Ludovic Phalippou about private equity. (0:32:22) Closing thoughts on Cameron's presentation in Norway and index investing trends. (0:39:44) Our aftershow segment: advice for new advisors, ways the industry has changed, tips for consumers, technology insights, personal updates, and more.   Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://pwlcapital.com/our-team/ Cameron on X — https://x.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://x.com/MarkMcGrathCFP Episode 321: Evidence in Practice with Håkon Kavli – https://rationalreminder.ca/podcast/321 Professor Marcos López de Prado — https://www.orie.cornell.edu/faculty-directory/marcos-lopez-de-prado Erik Hilde — https://www.linkedin.com/in/erik-hilde-9570a785/?originalSubdomain=no Dan Bortolotti — https://www.canadianmoneysaver.ca/authors/dan-bortolotti Canadian Couch Potato Blog — https://canadiancouchpotato.com/ Canadian Couch Potato Podcast — https://canadiancouchpotato.com/podcast/ Justin Bender — https://www.linkedin.com/in/justin-bender-cfa-cfp%C2%AE-tep-195b8b27/?originalSubdomain=ca Episode 200: Prof. Eugene Fama — https://rationalreminder.ca/podcast/200 Tune Out the Noise — https://www.dimensional.com/film Episode 100: Prof. Kenneth French — https://rationalreminder.ca/podcast/100 Episode 234: Prof. Robert C. Merton — https://rationalreminder.ca/podcast/234 Episode 232: Dr. Annamaria Lusardi — https://rationalreminder.ca/podcast/232 Episode 169: Prof. John Cochrane — https://rationalreminder.ca/podcast/169 Episode 202: Antti Ilmanen – https://rationalreminder.ca/podcast/202 Episode 210: Prof. Ludovic Phalippou — https://rationalreminder.ca/podcast/210 Fama and French Three Factor Model — https://www.investopedia.com/terms/f/famaandfrenchthreefactormodel.asp Books From Today's Episode: Investing Amid Low Expected Returns — http://www.aqr.com/serenity The Empowered Investor — https://www.amazon.ca/Empowered-Investor-Canadian-Investment-Experience/dp/0991978307  

How can the Rational Reminder Podcast get even better? By bringing back one of its most beloved voices, Dan Bortolotti, also known as "The Spud." In this exciting episode, hosts Ben Felix, Cameron Passmore, and Mark McGrath announce that Dan, the mind behind the Canadian Couch Potato Podcast, will now be a regular guest, contributing segments like "Bad Investment Advice" or "Ask the Spud.” Before Dan joins the conversation, we have an insightful discussion with Håkon Kavli, CIO of Reitan Kapital. Håkon shares how his team manages the wealth of one of Norway's most prominent families, comparable to Canada's Weston family. We discuss Reitan Kapital's evidence-based investing approach, their robust methods for overcoming portfolio optimization challenges, and much more. Håkon also sheds light on their upcoming investing conference in Norway, featuring speakers like our very own, Cameron Passmore, and Marcos López de Prado. Following this, Dan kicks off his return by dissecting an article that advocates going all-in on the QQQ ETF in an RRSP, exposing the dangers of such a concentrated and risky strategy. He contrasts this approach with the wisdom of diversifying across global markets, using examples like Vanguard's VEQT ETF, which offers exposure to over 13,000 stocks worldwide. Additionally, if you're a financial advisor interested in joining a planning-focused, fiduciary firm like PWL Capital, we encourage you to reach out. Our team is growing, and we're looking for like-minded individuals to join our mission. Tune in for a rich mix of expert advice, thoughtful discussions, and exciting announcements! Key Points From This Episode:   (0:00:28) Announcements: a new regular guest, PWL's call for like-minded advisors, and more. (0:04:15) Introducing Håkon Kavli, the Reitan family, and the origins of Reitan Kapital. (0:08:06) Reitan Kapital's investment philosophy and asset allocation strategy. (0:10:29) The biggest differences between a Reitan Kapital portfolio and a market portfolio. (0:13:19) Capital market assumptions; how they influence Reitan Kapital's investment process. (0:20:38) Portfolio optimization challenges and Reitan's robust methods for addressing these. (0:35:06) The role of private equity in a diversified portfolio and how it differs from public equity. (0:38:40) Fee structure significance in private equity investments and their impact on returns. (0:40:38) Risks associated with private equity and how they compare to public markets. (0:43:36) Reitan Kapital's view on how private equity fits into a diversified portfolio. (0:49:08) Challenges of investing in private equity for retail investors.  (0:50:26) Why so many institutions and firms have substantial allocations to private markets. (0:53:58) An overview of the research Håkon is most excited about. (0:56:20) Details for the upcoming conference in Norway, featuring Cameron Passmore. (0:59:16) Dan's Bad Investment Advice segment; going all-in on the QQQ ETF in an RRSP. (01:13:12) Our aftershow segment: listener feedback, our next meetup in Ottawa, a shoutout to Jason Pereira, and more.   Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/  Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/ Cameron on X — https://x.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://x.com/MarkMcGrathCFP Dan Bortolotti — https://www.canadianmoneysaver.ca/authors/dan-bortolotti Dan Bortolotti on LinkedIn — https://www.linkedin.com/in/dan-bortolotti-8a482310/ Canadian Couch Potato Blog — https://canadiancouchpotato.com/ Canadian Couch Potato Podcast — https://canadiancouchpotato.com/podcast/ Episode 308: Dan Bortolotti — https://rationalreminder.ca/podcast/308 Håkon Kavli on LinkedIn — https://www.linkedin.com/in/haakonkavli/ Reitan — https://reitan.no/no Reitan Kapital — http://www.reitankapital.no/ Weston — https://www.weston.ca/en/Home.aspx Marcos Lopez de Prado — https://www.orie.cornell.edu/faculty-directory/marcos-lopez-de-prado Antti Ilmanen — https://www.aqr.com/About-Us/OurFirm/Antti-Ilmanen Episode 224: Prof. Scott Cederburg — https://rationalreminder.ca/podcast/224 Sharpe ratio — https://www.investopedia.com/terms/s/sharperatio.asp Episode 210: Prof. Ludovic Phalippou — https://rationalreminder.ca/podcast/210 Reitan Kapital Conference — ‘An interesting RRSP idea – all in on QQQ?' — https://www.tawcan.com/all-in-on-qqq/ VEQT Vanguard All-Equity ETF Portfolio — https://www.vanguard.ca/en/investor/products/products-group/etfs/VEQT Mark Mid Graph on X — Jason Pereira — https://jasonpereira.ca/ Papers From Today's Episode:  ‘Estimating Private Equity Returns from Limited Partner Cash Flows' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2356553 ‘Mutual Fund Flows and Performance in Rational Markets' — https://www.nber.org/papers/w9275 ‘What are Stock Investors' Actual Historical Returns? Evidence from Dollar-Weighted Returns' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=544142

Low-cost index funds and digital tools have revolutionized wealth-building, making it easier than ever before to manage your own investment portfolio. However, additional support and expert advice can be critical to help you reach your financial goals, especially when facing complex financial decisions, feeling overwhelmed, or deciding to change your investment strategy. Today on the Rational Reminder Podcast, we discuss when it makes sense to hire a full-service financial advisor, whether or not every investor needs one, and how professional guidance can enhance your financial outcomes. You'll find out how delegating your financial decision-making can not only boost your wealth but also improve your wellbeing, increase your peace of mind, and mitigate the impact of cognitive decline on your financial decisions as you age, plus so much more. For valuable insights that could transform your financial future, tune in today!   Key Points From This Episode:   (0:02:15) Why you would hire a financial advisor when DIY investing is so easy. (0:06:35) The services that financial advisors offer and how you can benefit from them. (0:10:09) What investor inertia is, how to overcome it, and what the trade-offs are. (0:16:31) How delegating financial decision-making can improve wealth and wellbeing. (0:18:16) Insight into the value of financial advice for retirement planning. (0:22:17) Your Trusted Contact Person (TCP) and why they matter. (0:23:05) Ways that financial literacy shapes demand and expectations for financial advice. (0:24:21) Common reasons that people seek professional financial advice. (0:26:22) How financial advisors act as a commitment device for good financial behaviours. (0:27:47) Important considerations and questions to ask when hiring a financial advisor. (0:32:43) Our after-show observations, feedback, banter, updates, and more!   Links From Today's Episode:   Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://x.com/RationalRemind Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/  Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/ Cameron on X — https://x.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://x.com/MarkMcGrathCFP ‘Why Do Investors Hire Their Financial Advisor?' — https://www.morningstar.com/financial-advisors/why-do-investors-hire-their-financial-advisor ‘Why Do Investors Keep Their Financial Advisors Around?' — https://www.morningstar.com/financial-advisors/why-do-investors-keep-their-financial-advisors-around Center for Fiduciary Excellence (CEFEX) — https://www.cefex.org/   Papers From Today's Episode:    ‘Time Is Money: Rational Life Cycle Inertia and the Delegation of Investment Management' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2350785 ‘The Use and Value of Financial Advice for Retirement Planning' — https://www.pm-research.com/content/iijretire/7/3/46 ‘Professional Financial Advice and Subjective Well-Being' — https://www.researchgate.net/publication/359635224 ‘Smoking Hot Portfolios? Overtrading from Self-Control Failure' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3347625

When witnessing the dramatic payouts of miracle trades, it's easy to be lured into thinking that your big score is just a few trades away. But as is evident in trading options for retail investors, it is neither quick, simple, nor easy to make guaranteed returns on your investments. In today's episode, Ben and Cam walk us through the many reasons why trading options is a losers' game; especially for retail investors. Trading options is definitely today's hot topic and we unpack how the recent resurfacing of Roaring Kitty affirms how life-changing payouts are the exception rather than the rule. We dive deeper into trading options and their uses, the trading demographics of the current market, why trading options are an expensive choice for retail investors, and why people still choose to trade even when doing so at a loss. To end, Ben and Cam highlight the dangers of being a copycat and how social media adds fuel to the fire and we hear some heartwarming Rational Reminder Podcast reviews from a few of our dedicated listeners.    Key Points From This Episode:   (0:00:48) Why today's topic is widely discussed in the current financial climate.  (0:03:34) What we can learn from the resurfacing of Roaring Kitty.  (0:05:35) A brief background on stock options and their various uses and the current state of retail trading.  (0:08:13) Understanding the trading demographics at play in today's markets.  (0:10:24) Discussing why trading options are expensive for retail investors.  (0:12:35) Why people keep trading despite losing on average.  (0:16:16) Exploring the dangers of copying successful traders and the role of social media.  (0:17:17) The after show, headlined by inspirational Rational Reminder Podcast reviews from you, our dear listeners.   Links From Today's Episode: Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Rational Reminder Email — info@rationalreminder.ca  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://x.com/RationalRemind Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/  Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/ Cameron on X — https://x.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/   Books From Today's Episode:    Wealthier: The Investing Field Guide for Millennials — https://wealthierbook.com/   Papers From Today's Episode:    ‘Retail Trading in Options and the Rise of the Big Three Wholesalers' — https://onlinelibrary.wiley.com/doi/full/10.1111/jofi.13285

Are you confident about the amount of life insurance coverage you have? Are you maximizing your tax savings with the principal residence exemption? In this episode, we delve into life insurance and optimizing capital gains to answer these essential questions. In our conversation, we unpack the nuanced topic of life insurance, what people get wrong about it, and how to effectively calculate your life insurance policy needs. Using his own experience as the lens for the conversation, Mark shares how he calculated his life insurance and incorporated costs such as funeral cover, emergency funds, short-term expenses, and income replacement. Learn about using the safe withdrawal rate shortcut, free resources for calculating life insurance costs, and the best financial tools for getting the most out of your policy. He also delves into capital gains and how to use a lesser-known exemption to reduce the amount owed significantly. Mark walks listeners through how the principal residence exemption works and how it impacted the sale of his rental properties. Then, jumping to a brand new segment on the Rational Reminder Podcast, Ben introduces his financial decision-making iteration of the game of ‘Would you rather'. Finally, we share listener reviews and feedback on previous episodes and debate whether to lease or buy a car in our after-show segment. Tune in now!   Key Points From This Episode:   (0:03:13) Mark explains how he and his wife calculated their life insurance needs. (0:06:55) Learn how to plan for income replacement and why it is so complicated. (0:12:10) Ben's perspective on Mark's approach to calculating his life insurance coverage. (0:13:54) Find out why there are differences between Ben and Mark's calculations. (0:18:17) How Mark factored in retirement costs into his life insurance calculations. (0:22:30) Free resources and tips to accurately calculate your life insurance needs. (0:27:04) Why Mark considers whole life insurance as a separate asset class. (0:31:25) The principal residence exemption and how Mark applied it to his situation. (0:39:19) How we would choose to invest $1 billion in today's market. (0:42:26) Would You Rather segment: only life insurance versus only disability insurance. (0:45:02) The exciting development of a tool for realizing capital gains in a corporation. (0:51:06) Trends in the awareness of corporate notional accounts and tax planning intricacies. (0:54:12) Listener reviews, episode feedback, and leasing a car instead of buying.   Links From Today's Episode: Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://x.com/RationalRemind Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/  Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/ Cameron on X — https://x.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://x.com/MarkMcGrathCFP ‘How Much Life Insurance Do You Need?' — https://www.linkedin.com/pulse/how-much-life-insurance-do-you-need-mark-mcgrath-cfp-cim-clu--tjwwe/ InsureRight — https://www.insureright.ca/ Episode 65: Dr. Wendall Mascarenhas — https://rationalreminder.ca/podcast/65 Dimensional Fund Advisors — https://www.dimensional.com/ Money Scope Podcast — https://moneyscope.ca/ Braden Financial Services — https://www.bradenfinancialservices.com/ Hendry Warren on LinkedIn — https://www.linkedin.com/company/hendry-warren-llp/ Brady Plunkett on LinkedIn — https://www.linkedin.com/in/brady-plunkett-712489105/ Capital Gains Calculator for Non-Corporations — https://research-tools.pwlcapital.com/research/realize-gain Episode 305 - Is Private Credit Special? — https://rationalreminder.libsyn.com/episode-305-is-private-credit-special

This week, I'm tackling a few topics that were popular on Reddit over the last month.  1. What should you use for return assumptions in your planning? 2. Becoming a TFSA multi-millionaire3. What should be your priority after building your first $100,000**For a more in-depth look at expected returns, check out the recent  Rational Reminder Podcast episode on the topic--Get Organized with my Full Financial Picture Spreadsheet Financial Foundations Course The Canadian Money Roadmap on YouTubeConnect With Evan

In this episode we answer emails from Jenzo, Priah and Matt.  We discuss a levered portfolio and tracking errors, the limitation of Scott Cederburg's latest academic paper, bootstrapping -- what it is and how it works --,  what "blend" means in factor-speak, and some pitfalls with Portfolio Visualizer's datasets,And also the upcoming EconoMe Conference in March 2024 with a discount code for our listeners, "riskparityradio":Links:EconoMe Conference:  EconoMe Conference - March 15th-17th, 2024Academic Paper Critical of Lifecycle Investment Advice:  delivery.php (ssrn.com)Rational Reminder Podcast re same paper:  Lifecycle Asset Allocation, and Retiring Successfully with Justin King | Rational Reminder 281 - YouTubePortfolio Visualizer Documentation:  Portfolio Visualizer DocumentationMatt's First Montecarlo Analysis:  Monte Carlo Simulation (portfoliovisualizer.com)Matt's Second Montecarlo Analysis:  Monte Carlo Simulation (portfoliovisualizer.com)Modifying Matt's Analysis to Account for Earlier Data: Monte Carlo Simulation (portfoliovisualizer.com)Father McKenna Center Donation Page:  Donate - Father McKenna CenterFather McKenna Center Charity Navigator Rating:  Charity Navigator - Rating for Father McKenna Center Inc.Support the show

In this episode, we are trying something different. Recorded live at the CFA Society's Toronto Annual Wealth Conference, we take an exclusive look at the origins and evolution of the Rational Reminder Podcast through an interview with Ben and Cameron. From motivations for starting the podcast to favourite episodes and guests, we delve into the behind-the-scenes of the show. Discover how the podcast has grown, the impact it's had on listeners, and the exciting global reach it's achieved. Get an exclusive look at the challenges, regrets, and valuable lessons learned along the way. Then, we are joined by Mark McGrath to explore common pitfalls of ITF accounts, providing listeners with valuable information to help them make the right decisions for their investments. Finally, we welcome special guest Brittany Hodak, author of Creating Superfans, which unpacks the concept of turning customers into passionate fans of your brand. Brittany shares her insights on the power of storytelling in business and how to create Superfans who will champion your brand. We explore the concept of the experience economy, the right approach to investing in marketing for your business, and much more! Join us for this extraordinary episode that blends wealth management insights, podcasting wisdom, and the secrets to cultivating Superfans. Whether you're a long-time Rational Reminder listener or a business owner seeking to supercharge customer loyalty, this episode has something for everyone. Tune in now!   Key Points From This Episode:   (0:04:32) Introduction to Ben and Cameron's interview at the 2023 Annual Wealth Conference.  (0:07:15) Learn about the average listener base for the show, the active Rational Reminder community, and how the podcast has grown over time.  (0:10:08) The global reach of the podcast, how it has benefitted business, and a look back at the first episode of Rational Reminder.  (0:13:19) What Ben and Cameron originally envisioned, how they met, and what motivated them to start a podcast.  (0:15:17) Insights into the cost of the show, the shift from audio only, and the appetite for long-form content.  (0:18:18) Their favourite episodes and guests, keeping content balanced, and how the reading challenge was started.  (0:25:25) Attracting big industry names to the podcast, their dream guests, and the episodes that did not go to plan.  (0:31:28) Advice for aspiring podcasters, the amount of work the show takes, and their biggest lessons so far.  (0:37:02) Ben and Cameron share their reading habits and the books they think everyone should read and why.  (0:40:14) Why they work so well together, plans for the future, and what they wish they knew before starting the podcast.  (0:43:14) Ben and Cameron each share their definition of success, and final words of advice for listeners.  (0:45:46) Mark to Market: exploring the ins and outs of ITF accounts to avoid common mistakes. (0:55:04) Introducing today's guest, Brittany Hodak, and her fascinating book, Superfans.  (0:56:51) Brittany explains some basic definitions and the power of storytelling for your business.  (0:59:50) Why storytelling has become a potent marketing technique, and why Superfans are important to building a successful business.  (1:02:53) Unpacking the Superfan personality, how they can be created, and identifying your customer's story.  (1:08:47) Defining the experience economy and its impact on customer expectations.  (1:12:38) Recommendations for how businesses should approach investing in marketing.  (1:14:11) The after-show: trip highlights, listener reviews, and more!    Books From Today's Episode: The Fiscal Theory of the Price Level — https://www.amazon.com/Fiscal-Theory-Price-Level/dp/0691242240 How to Change — https://www.amazon.com/How-Change-Science-Getting-Where/dp/059308375X Get It Done — https://www.amazon.com/Get-Done-Surprising-Lessons-Motivation/dp/0316538361/ Your Future Self — https://www.amazon.com/Your-Future-Self-Tomorrow-Better/dp/B0BJ554T6M/ Like the Best Podcast — https://open.spotify.com/show/22fi0RqfoBACCuQDv97wFO Deep Work — https://www.amazon.com/Deep-Work-Focused-Success-Distracted/dp/1455586692 Storyworthy — https://www.amazon.com/Storyworthy-Engage-Persuade-through-Storytelling/dp/1608685489 Financial Market History — https://www.amazon.com/Financial-Market-History-Reflections-Investors-ebook/dp/B06WVBHK72/ The Great Depression: A Diary — https://www.amazon.com/The-Great-Depression-audiobook/dp/B0030HF9F6/ Using Behavioral Science in Marketing — https://www.amazon.com/Using-Behavioral-Science-Marketing-Instinctive/dp/1398606685/ Clear Thinking — https://www.amazon.com/Clear-Thinking/dp/0593716213   Links From Today's Episode: Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/ Shop Merch — https://shop.rationalreminder.ca/ Join the Community — https://community.rationalreminder.ca/ Follow us on X — https://twitter.com/RationalRemind Follow us on Instagram — @rationalreminder Benjamin on X — https://twitter.com/benjaminwfelix Cameron on X — https://twitter.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Mark McGrath on X - https://twitter.com/MarkMcGrathCFP Mark McGrath on LinkedIn - https://www.linkedin.com/in/markmcgrathcfp/ Brittany Hodak — https://brittanyhodak.com/ Brittany Hodak on X — https://twitter.com/BrittanyHodak Brittany Hodak on Instagram — https://www.instagram.com/brittanyhodak/ Brittany Hodak on Facebook — https://www.facebook.com/BrittanyHodak Brittany Hodak on LinkedIn — https://www.linkedin.com/in/brittanyhodak/ Creating Superfans — https://www.amazon.com/Creating-Superfans-Five-Step-Multiplying-Reputation/dp/1774580780 Annual Wealth Conference 2023 — https://web.cvent.com/event/874a7379-a0cb-4b91-ad18-c46daf17b685/summary Rational Reminder Episode 1: The Cheapest Advice Probably isn't the Best — https://rationalreminder.ca/podcast/1 Rational Reminder Episode 100: Prof. Kenneth French — https://rationalreminder.ca/podcast/100 Rational Reminder Episode 169: Prof. John Cochrane — https://rationalreminder.ca/podcast/169 Rational Reminder Episode 171: Prof. Campbell R. Harvey — https://rationalreminder.ca/podcast/171 Rational Reminder Episode 200: Prof. Eugene Fama — https://rationalreminder.ca/podcast/200 Rational Reminder Episode 224: Prof. Scott Cederburg — https://rationalreminder.ca/podcast/224 Rational Reminder Episode 226: Colonel Chris Hadfield — https://rationalreminder.ca/podcast/226 Rational Reminder Episode 268: Itzhak Ben-David — https://rationalreminder.ca/podcast/268 Rational Reminder Episode 271: Expected Returns of the AI Revolution (plus People are Lying to You About Money w/ Anthony Walsh) — https://rationalreminder.ca/podcast/271

Cameron Passmore Executive Chairman, Portfolio Manager, CIM®, FMA, FCSI, and Ben Felix Portfolio Manager, Head of Research, MBA, CFA, CFP®, CIM® BIO: Cameron Passmore is the Executive Chairman of PWL Capital, leading the firm's strategic vision and ensuring long-term success. With over 20 years of experience, he advocates for evidence-based, systemic investing. Cameron is committed to building a premier wealth management firm and shares his knowledge through the Rational Reminder podcast. Benjamin Felix is the Head of Research at PWL Capital, a Canadian wealth management firm known for its thought leadership and resources for investors. He co-hosts the Rational Reminder podcast and hosts a YouTube channel focused on evidence-based financial decisions. Benjamin's expertise lies in using evidence to inform financial choices while considering the psychological impact. Introduction:Tune in this week as we take a captivating journey behind the scenes of the popular Rational Reminder podcast, hosted by Ben and Cameron, two prominent figures in the world of finance and wealth management. With over 5 million downloads and a reputation for delivering valuable information, this podcast has become a trusted resource for many. Join us as we delve into the intriguing stories behind the creation of this fantastic show, uncovering the insights and experiences that have made it a go-to destination for invaluable financial knowledge and guidance. Highlights: Leaning into their passion: Discover how Ben and Cameron have embraced their love for finance and wealth management, and how it has shaped their remarkable journey. Balancing curiosity and vision: Explore how these two experts strike an equilibrium between being open-minded and flexible while staying true to their podcast's core vision. Understanding life beyond spreadsheets: Delve into the notion that life is inherently messy and cannot be solely quantified. Emphasizing quality over popularity: Gain insights into how Ben and Cameron prioritize providing high-quality content over conforming to popular opinions or trends. The power of small daily actions: How consistent, small, daily actions can create a profound impact on personal and financial life. Quotes: “Life is messy, humans are messy, you can't spreadsheet everything in a human's life” Cameron Passmore "There are diminishing returns to consumption, and money serves as a means to happiness, rather than an end in itself" Ben Felix LINKS: The Rational Reminder Podcast: CLICK HERE PWL Capital: CLICK HERE Finding and Funding A Good Life Paper: CLICK HERE Chapters:00:00:00 The Most Hated F Word: Transforming Our Relationship With Money00:05:38 A Nonconformist's Dream: Transforming an Abandoned Church into a Unique Pandemic Haven00:07:47 Early Birds and Superhumans: Balancing Productivity and Parenthood00:12:19 Defining Identity: Moving Beyond Labels in the World of Content Creation00:17:20 Camping Adventures and the Surprising Value of Worms: Exploring the Inflation of Childhood Dreams00:18:57 From Blown Away to Meaningful Clients: A Journey into the World of Mutual Funds00:22:53 Unveiling the Power of Fee-Based Investing: A Journey of Discovery and Financial Transformation00:23:57 Breaking the Branches: How Two Innovators Found Success by Going Against the Grain00:29:32 The Imposing Presence of Ben: A Tale of Intimidation and Success00:32:47 From Couch Potatoes to Academic Breakthroughs: The Evolution of Our Podcast00:37:29 Hidden Gems and Unexpected Surprises: Unveiling the Unforgettable Conversations with Nobel Laureate Bob Martin and Astronaut Chr00:42:34 Uncovering the Wealth of Knowledge: A Deep Dive into Financial Literacy with Countless Citations00:45:13 Unlocking Financial Freedom: Navigating the Journey to Your Dream Island with Finding, Funding, and Goals00:48:57 Unveiling the True Meaning of a Good Life: Exploring Happiness, Well-being,

How does the connection we have with our future self impact the decisions we make today? And what active steps can we take to improve our connection with our future selves? Today on the show we welcome back Hal Hershfield, whose new book Your Future Self: How to Make Tomorrow Better Today delves into the science of our relationship with our future selves and what we can do to change it for the better. In our conversation with Hal, we discuss the concept of the self, how we change over time, and why so many of us feel disconnected from our future selves. He describes the research surrounding these subjects and their findings, including how the brain scans they performed demonstrate that we mostly see our future selves as strangers, and why this is caused, at least in part, by the fact that our future selves don't technically exist yet. We also discuss the interventions that have been shown to improve our relationship with our future selves, like viewing age-progressed images or exchanging letters with our future selves, and why everyone responds to these interventions differently. Having a strong connection with your future self has many benefits. It means you're more likely to make decisions that will serve you later in life, like saving for retirement, eating healthily, and exercising regularly. But Hal also warns that we risk losing sight of the present and what truly matters when we focus solely on the future. To hear all of Hal's knowledgeable insights on this topic and what he wants to explore next, be sure to tune in today! Key Points From This Episode: Defining the self and how our identity shifts depending on age, context, and the people we surround ourselves with. (0:04:08) An overview of Hal's research and what it reveals about how most people connect (or don't connect) to their future selves. (0:08:29) How empathy can influence our connection to our future selves. (0:11:36) Insights into why we tend to think of our future self the same way we think about strangers or acquaintances. (0:14:19) Our level of connection to our future self and how it affects wealth accumulation and financial well-being. (0:17:53) The definition of ‘present bias' and ‘hyperbolic discounting' and the role they play in decisions about the future. (0:19:28) The end-of-history illusion and the impact it has on our decisions. (0:23:02) How viewing age-progressed images of yourself can help you build a connection with your future self. (0:26:35) The research Hal is conducting with MIT Media Lab using an AI chatbot called Future You. (0:29:35) © 2023 Rational Reminder Podcast 1 RRP 256 Show Notes Dan Pink's work on the power of regret and how it overlaps with Hal's research and findings. (0:31:59) The findings on being presented with age-progressed images of ourselves and how they impact our decision-making and relationship with our future selves. (0:35:20) How writing to your future self can improve your decisions. (0:40:16) The problems that arise when we become too focused on improving life for our future self and how to find harmony between the present and future. (0:44:03) The COVID-19 pandemic and its impact on our collective relationship with the future. (0:48:10) Learn about the live episode we'll be recording at the upcoming Future Proof conference with Hal as our guest. (0:51:24)   Links From Today's Episode: Hal Hershfield — https://www.halhershfield.com/ Hal Hershfield on Twitter — https://twitter.com/HalHershfield Hal Hershfield on LinkedIn — https://www.linkedin.com/in/hal-hershfield-a2b91510/ Your Future Self: How to Make Tomorrow Better Today — https://www.halhershfield.com/ yourfutureself Episode 141: Hal Hershfield: The Psychology of Long-term Decision Making — https:// rationalreminder.ca/podcast/141 The Power of Regret: How Looking Backward Moves Us Forward — https://www.amazon.com/ Power-Regret-Looking-Backward-Forward/ Episode 246: Daniel H. Pink: How to Use Regret — https://rationalreminder.ca/podcast/246 Future Proof Festival — https://futureproof.advisorcircle.com/ Brian Knutson — https://profiles.stanford.edu/brian-knutson Dan Martell — https://www.danmartell.com/ Derek Parfit — https://www.britannica.com/biography/Derek-Parfit Daniel Gilbert — http://www.danielgilbert.com/ ING — https://www.ing.com/Home.htm Merrill Lynch — https://www.ml.com/ Shlomo Benartzi — http://www.shlomobenartzi.com/ Stephen Shu — https://steveshuconsulting.com/ Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder- podcast/id1426530582. 
 Rational Reminder Website — https://rationalreminder.ca/ Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.ca
 Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/ Benjamin on Twitter — https://twitter.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/ Cameron on Twitter — https://twitter.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

There are many different objective functions you can use when building optimal portfolios. The majority of these approaches define risk from the perspective of variability or bad outcomes, but positive returns could be viewed as “risky” for those that don't experience them, which is another way of saying that people experience regret (or FOMO, for our trendier listeners). Today, we are joined by David Blanchett, a return guest and the Managing Director and Head of Retirement Research for PGIM DC Solutions, the global investment management arm of Prudential Financial. He is also an Adjunct Professor of Wealth Management at The American College of Financial Services and a Research Fellow for the Alliance for Lifetime Income. David returns to the podcast for an articulate discussion about regret in portfolio construction, what drives it, and how financial advisors can cater to it. We then delve into how David is redefining optimal retirement income strategies, looking at retirement tools, retirement planning, compensation models in the industry, risk exposures, and portfolios. We also get a high-level overview of some of the fascinating work that David has done on home-country bias, plus so much more. For highly technical content presented in an accessible and practical way by one of the brightest minds in retirement planning, be sure to tune in today! Key Points From This Episode: • Differences between risk aversion and regret aversion. (0:03:57) • The distinctly human element that drives “investment FOMO.” (0:06:34) • Insight into how David models regret in his research. (0:09:06) • The asset pricing implications of approaching portfolio optimization this way. (0:12:11) • Tips for deciding on what the regret benchmark should be. (0:13:19) • How a portfolio optimization routine based on regret affects asset allocation. (0:14:08) • Ways that the effect of optimizing over regret changes depending on risk aversion. (0:16:55) • Other asset characteristics that might drive optimal allocation to regret assets. (0:18:04) • Why moving away from self-direction is the best thing to happen to 401(k) plans. (0:20:53) • How financial advisors should cater to investors interested in speculative assets. (0:24:00) • Unpacking some of the social and story-driven sources of regret. (0:29:03) • Downsides to modelling retirement liability as a static inflation-adjusted amount. (0:32:00) • Why it's important to understand the composition of retiree spending and saving. (0:33:57) • David's research into dynamic spending rules for retirement planning. (0:42:06) • Some of the key pitfalls of existing financial planning tools and solutions. (0:44:38) • Ways that safe withdrawal rates change when you incorporate dynamic spending. (0:51:10) • How advisor channel affects passive fund choice and how clients should respond. (0:57:56) • Insight into David's research on foreign revenue and home-country bias. (1:02:27) © 2023 Rational Reminder Podcast 1     Links From Today's Episode: David Blanchett — https://www.davidmblanchett.com/ David Blanchett on Twitter — https://twitter.com/davidmblanchett David Blanchett on LinkedIn — https://www.linkedin.com/in/david-blanchett-b0b0aa2/ © 2023 Rational Reminder Podcast 2 RRP 254 Show Notes PGIM — https://www.pgim.com/ E137: David Blanchett: Researching Retirement — https://rationalreminder.ca/podcast/137 ‘Regret and Optimal Portfolio Allocations' — https://www.pm-research.com/content/iijpormgmt/ early/2023/02/01/jpm20231464 ‘Keep Keeping Your Distance: An Updated Look at 401(k) Participant Behaviors During the COVID-19 Crisis' — https://www.morningstar.com/articles/1032011/keep-keeping-your- distance-an-updated-look-at-401k-participant-behaviors-during-the-covid-19-crisis ‘Save more with less: The impact of employer defaults and match rates on retirement saving' — https://onlinelibrary.wiley.com/doi/abs/10.1002/cfp2.1152 ‘Redefining the Optimal Retirement Income Strategy' — https://www.tandfonline.com/doi/full/ 10.1080/0015198X.2022.2129947 ‘Focusing on Both Sides of the Balance Sheet: The Benefit of Liability Optimization' — https:// web.p.ebscohost.com/abstract ‘The Problems with Monte Carlo are in Your Mind' — https://www.advisorperspectives.com/ articles/2023/04/24/the-problems-with-monte-carlo-are-in-your-mind ‘Does Advisor Channel Influence Passive Fund Choice?' — https:// www.financialplanningassociation.org/learning/publications/journal/APR22-does-advisor- channel-influence-passive-fund-choice-OPEN ‘Foreign Revenue: A New World of Risk Exposures' — https://www.pm-research.com/content/ iijpormgmt/47/6/175 Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder- podcast/id1426530582. 
 Rational Reminder Website — https://rationalreminder.ca/ Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.ca
 Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/ Benjamin on Twitter — https://twitter.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/ Cameron on Twitter — https://twitter.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

Understanding market efficiency is an important part of investment decision-making. It can help investors to identify the most appropriate investment strategies and develop realistic expectations for their returns. In this episode of the Rational Reminder Podcast, we sit down with Professor Burton Malkiel, the renowned economist, and author of the classic investing book A Random Walk Down Wall Street. Professor Malkiel is a distinguished figure in the world of economics and academia. He holds the prestigious title of Chemical Bank Chairman's Professor of Economics Emeritus and Senior Economist at Princeton, where he has made significant contributions to the field over the years. In our conversation, we discuss Professor Malkiel's views on the stock market, the efficient market hypothesis, how behavioural finance relates to investing, and why index funds should be at the core of every portfolio. Throughout the episode, Professor Malkiel shares his insights on a wide range of topics related to personal finance and investing, including the benefits of index funds, the dangers of active stock picking, the impact of fees and taxes on investment returns, factor investing, and expensive asset classes. He also discusses research on socially responsible investing and how investors can incorporate ethical considerations into their portfolios without sacrificing performance. In this episode, listeners will gain a better understanding of the vital principles of investing and how to apply them to achieve their financial goals. Whether you're a novice investor or an experienced pro, this episode offers valuable insights and advice from one of the most respected economists in the field, Professor Malkiel. Key Points From This Episode: Professor Malkiel explains the efficient market hypothesis and what the term “efficient market” means. (0:03:42) What the media tends to get wrong about the concept of market efficiency and the mathematical theory behind a random walk market. (0:07:04) We discuss investing in index funds rather than actively managed strategies. (0:09:44) How his book, Random Walk, was received by professionals and academics in the industry (0:13:08) Hear about the inspiration behind the concept covered in his book, and how his investment advice has changed over the last 50 years. (0:19:18) Why index funds have become widely accepted, and the difference between investing and speculating. (0:23:38) He unpacks why past market bubbles are vital for managers to understand and shares some wise words for those who want to participate in market speculation investing. (0:28:21) How the existence and persistence of bubbles throughout history relate to markets being efficient. (0:32:10) © 2023 Rational Reminder Podcast 1 RRP 252 Show Notes Find out how the multiple, non-diversifiable risks in today's financial markets impact the advice in his book, and learn about factor investing. (0:35:42) He shares advice and insights for people looking to invest in cheaper funds and his perspective on trending investment strategies. (0:37:55) Learn how the general findings from behavioural finance influence his advice on investing in index funds. (0:41:33) We explore the value of risk parity strategies and the problem with backtests, and he shares his view on expensive asset classes. (0:44:09) What impact super-low bond yields had on the return of bonds, and whether you should focus on the value or yield. (0:54:16) The importance of saving as opposed to an optimal investment strategy to investor outcomes. (0:57:56) Insights into investing according to your desired outcomes and whether Professor Malkiel thinks it is better to rent or own a home. (1:03:55) We discuss inflation and possible future trends and the role of financial planners and investment advisors. (1:10:29) Hear his concerns regarding the growth of index fund assets. (1:14:52) Details about his book writing journey and his definition of success. (1:18:46)   Links From Today's Episode: Burt Malkiel — https://jrc.princeton.edu/people/burton-g-malkiel Wealthfront — https://www.wealthfront.com/ Theravance Biopharma — https://www.theravance.com/ Genmab A/S — https://www.genmab.com/ Rebalance IRA — https://www.rebalance360.com/ A Random Walk Down Wall Street — https://www.amazon.com/Random-Walk-Down-Wall- Street/dp/0393352242/ Princeton University — https://www.princeton.edu/ The Yale School of Management — https://som.yale.edu/ Vanguard — https://investor.vanguard.com/corporate-portal/ Trillions — https://www.amazon.com/Trillions-Renegades-Invented-Changed-Finance/dp/ 0593087682 S&P Dow Jones Indices — https://www.spglobal.com/spdji/en/ S&P Dow Jones Indices SPIVA — https://www.spglobal.com/spdji/en/research-insights/spiva/ Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder- podcast/id1426530582. 
 Rational Reminder Website — https://rationalreminder.ca/ Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.ca
 Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/ Benjamin on Twitter — https://twitter.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/ Cameron on Twitter — https://twitter.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

Cameron Passmore has been a leading advocate for evidence-based, systemic investing for over 20 years. He is Executive Chairman and Portfolio Manager at Canadian wealth management firm, PWL Capital and co-host of The Rational Reminder Podcast. Cameron's hugely successful podcast has featured some incredible guests from the world of investing and behavioural finance and aims to help make listeners better, more rational investors. His guests include investing research gurus Professor Ken French and Nobel Prize winning Eugene Fama. I loved my conversation with Cameron. Unsurprisingly, we focused on the power of the stock markets, the timeless wisdom of investing in the great companies of the world, and how the  ‘wisdom of crowds' applies to investing behaviour. Cameron shares his definition of evidence-based, systemic investing and some fascinating stories and insights from his many conversations with experts in this field. He also points us towards episodes of his podcast that offer real depth of insight into what makes for a successful investment strategy for your retirement.

The Rational Reminder Podcast ✓ Claim Podcast Notes Key Takeaways If people only saved the money they earned, then they would lose purchasing power over time due to inflation Buying bonds is investing in a company's debt and is relatively safe because the company is obligated to make its interest payments Bond investors have fixed returns and equity investors have uncertain returns to the upside and downsideThe discount rate that investors apply to the expected cash flows of an asset is the way that differences in risk are expressed in asset pricingA higher discount rate implies a riskier asset; it costs less to buy the future cash flows of riskier assets  No single investor can have access to all the information that will affect the price of a stock or bond, but the aggregate of all investors – the market price – is a pretty good representation of all informationUnexpected returns are generated from new information that was not previously reflected in the price of the stockThe vast majority of active traders on Wall Street fail to outperform the marketUnderstand what your investing objective are; different objectives will have different levels of priority in your life and they will have different optimal portfolios to fund them  By the time you are worried about something, it has already been reflected in market pricesOwning too much of your employer's stock may overexpose you and your portfolio to one centralized entity, given it is the source of your human capital and now a sizeable percentage of your investment portfolio  Having an emergency fund all the time is one way to prepare for a recessionDirect exposure to real estate doesn't offer anything special over publicly-traded REITs once adjusted for sector exposure and the valuation lag in private marketsFinancially fragile households have lower financial, emotional, and physical well-being; they have less satisfaction at work; and they report less social connection   Read the full notes @ podcastnotes.orgToday is our final episode featuring just the two of us before our annual wrap-up show, and we thought we would use this opportunity to cover some important foundational aspects of rational investing. Ben goes over some of the most fundamental concepts about market prices, risk, and actual returns before answering five common questions that relate to this level of information. From investing in an employer's stock to predicting the future and real estate comparisons, these five touch-points are always worth returning to, and should even interest the more experienced of our listeners. For the second half of the show, we offer a quick book review of The Culture Playbook by Daniel Coyle, and have a brief and illuminating conversation with Professor Amer Kaissi about his book, Humbitious, and some of his thoughts on the part that reading plays in rich and progressive life. Press play to catch all this and more on the Rational Reminder Podcast.   Key Points From This Episode:   Picking up a thread from our discussion on the 2% Rule. (0:06:05) Getting to grips with investing basics. (0:10:45) How market prices work in response to traders' actions and risk. (0:17:59) The main determinants of actual returns and starting points for your portfolio. (0:23:15) Unknowable futures and the eternal doom and gloom predictions. (0:35:43) Assessing the value of owning an employer's stock. (0:38:21) Holding stock picks in Tax-Free Savings Accounts. (0:42:07) How to prepare a portfolio when a recession is predicted. (0:43:49) Comparing investments in real estate with the stock market. (0:45:14) Weighing the value of building and emergency fund. (0:47:11) A thirty-second recap of our episode with Cliff Asness. (0:50:06) Today's book review focussing on the lesson from The Culture Playbook by Daniel Coyle. (0:51:48) Professor Kaissi shares a quick summary of his book, Humbitious. (0:58:40) The potential to develop characteristics and the role that reading plays. (0:59:38) Professor Kaissi talks about his reading habits. (1:02:12) Application of ideas from books and how Professor Kaissi captures and organizes information in his own reading. (1:05:15) A few of Professor Kaissi's favourite book recommendations and how to increase your reading habit. (1:08:52)     Participate in our Community Discussion about this Episode: https://community.rationalreminder.ca/t/episode-231-investing-basics-and-common-questions-plus-reading-habits-w-amer-kaissi-discussion-thread/20716 Books From Today's Episode: Humbitious: The Power of Low-Ego, High-Drive Leadership — https://amzn.to/3WjHjry Mindset — https://amzn.to/3Wzl7Kr Quiet — https://amzn.to/3htlN4X The Five Dysfunctions of a Team — https://amzn.to/3YmKqRv The SPEED of Trust — https://amzn.to/3UWCljq Top Five Regrets of the Dying — https://amzn.to/3uQcUWf The Assertiveness Workbook — https://amzn.to/3VVDVUf How to Raise Your Self Esteem — https://amzn.to/3BDM33p Ego Is the Enemy — https://amzn.to/3BAyCkZ Links From Today's Episode: Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Shop Merch — https://shop.rationalreminder.ca/ Join the Community — https://community.rationalreminder.ca/ Follow us on Twitter — https://twitter.com/RationalRemind Follow us on Instagram — @rationalreminder Benjamin on Twitter — https://twitter.com/benjaminwfelix Cameron on Twitter — https://twitter.com/CameronPassmore Amer Kaissi on Twitter — https://twitter.com/amerkaissi10 Amer Kaissi on LinkedIn — https://www.linkedin.com/in/amer-kaissi-ph-d-38258919/ Amer Kaissi — http://www.amerkaissi.com 'The Value of Goals-Based Financial Planning' — https://www.financialplanningassociation.org/article/journal/JUN15-value-goals-based-financial-planning 'Excessive Extrapolation and the Allocation of 401(k) Accounts to Company Stock' — http://independent401kadvisors.com/library_articles/ExcessiveExtrapolation.pdf 'The Agony of Ecstasy: The risks and rewards of a concentrated stock position' — https://assets.jpmprivatebank.com/content/dam/jpm-wm-aem/global/pb/en/insights/eye-on-the-market/agony-ecstasy-2021.pdf 'The financial resilience and financial well-being of Canadians during the COVID-19 pandemic' — https://www150.statcan.gc.ca/n1/pub/75f0002m/75f0002m2021008-eng.htm

The Rational Reminder Podcast ✓ Claim : Read the notes at at podcastnotes.org. Don't forget to subscribe for free to our newsletter, the top 10 ideas of the week, every Monday --------- Today is our final episode featuring just the two of us before our annual wrap-up show, and we thought we would use this opportunity to cover some important foundational aspects of rational investing. Ben goes over some of the most fundamental concepts about market prices, risk, and actual returns before answering five common questions that relate to this level of information. From investing in an employer's stock to predicting the future and real estate comparisons, these five touch-points are always worth returning to, and should even interest the more experienced of our listeners. For the second half of the show, we offer a quick book review of The Culture Playbook by Daniel Coyle, and have a brief and illuminating conversation with Professor Amer Kaissi about his book, Humbitious, and some of his thoughts on the part that reading plays in rich and progressive life. Press play to catch all this and more on the Rational Reminder Podcast.   Key Points From This Episode:   Picking up a thread from our discussion on the 2% Rule. (0:06:05) Getting to grips with investing basics. (0:10:45) How market prices work in response to traders' actions and risk. (0:17:59) The main determinants of actual returns and starting points for your portfolio. (0:23:15) Unknowable futures and the eternal doom and gloom predictions. (0:35:43) Assessing the value of owning an employer's stock. (0:38:21) Holding stock picks in Tax-Free Savings Accounts. (0:42:07) How to prepare a portfolio when a recession is predicted. (0:43:49) Comparing investments in real estate with the stock market. (0:45:14) Weighing the value of building and emergency fund. (0:47:11) A thirty-second recap of our episode with Cliff Asness. (0:50:06) Today's book review focussing on the lesson from The Culture Playbook by Daniel Coyle. (0:51:48) Professor Kaissi shares a quick summary of his book, Humbitious. (0:58:40) The potential to develop characteristics and the role that reading plays. (0:59:38) Professor Kaissi talks about his reading habits. (1:02:12) Application of ideas from books and how Professor Kaissi captures and organizes information in his own reading. (1:05:15) A few of Professor Kaissi's favourite book recommendations and how to increase your reading habit. (1:08:52)     Participate in our Community Discussion about this Episode: https://community.rationalreminder.ca/t/episode-231-investing-basics-and-common-questions-plus-reading-habits-w-amer-kaissi-discussion-thread/20716 Books From Today's Episode: Humbitious: The Power of Low-Ego, High-Drive Leadership — https://amzn.to/3WjHjry Mindset — https://amzn.to/3Wzl7Kr Quiet — https://amzn.to/3htlN4X The Five Dysfunctions of a Team — https://amzn.to/3YmKqRv The SPEED of Trust — https://amzn.to/3UWCljq Top Five Regrets of the Dying — https://amzn.to/3uQcUWf The Assertiveness Workbook — https://amzn.to/3VVDVUf How to Raise Your Self Esteem — https://amzn.to/3BDM33p Ego Is the Enemy — https://amzn.to/3BAyCkZ Links From Today's Episode: Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Shop Merch — https://shop.rationalreminder.ca/ Join the Community — https://community.rationalreminder.ca/ Follow us on Twitter — https://twitter.com/RationalRemind Follow us on Instagram — @rationalreminder Benjamin on Twitter — https://twitter.com/benjaminwfelix Cameron on Twitter — https://twitter.com/CameronPassmore Amer Kaissi on Twitter — https://twitter.com/amerkaissi10 Amer Kaissi on LinkedIn — https://www.linkedin.com/in/amer-kaissi-ph-d-38258919/ Amer Kaissi — http://www.amerkaissi.com 'The Value of Goals-Based Financial Planning' — https://www.financialplanningassociation.org/article/journal/JUN15-value-goals-based-financial-planning 'Excessive Extrapolation and the Allocation of 401(k) Accounts to Company Stock' — http://independent401kadvisors.com/library_articles/ExcessiveExtrapolation.pdf 'The Agony of Ecstasy: The risks and rewards of a concentrated stock position' — https://assets.jpmprivatebank.com/content/dam/jpm-wm-aem/global/pb/en/insights/eye-on-the-market/agony-ecstasy-2021.pdf 'The financial resilience and financial well-being of Canadians during the COVID-19 pandemic' — https://www150.statcan.gc.ca/n1/pub/75f0002m/75f0002m2021008-eng.htm

The Rational Reminder Podcast ✓ Claim Podcast Notes Key Takeaways If people only saved the money they earned, then they would lose purchasing power over time due to inflation Buying bonds is investing in a company's debt and is relatively safe because the company is obligated to make its interest payments Bond investors have fixed returns and equity investors have uncertain returns to the upside and downsideThe discount rate that investors apply to the expected cash flows of an asset is the way that differences in risk are expressed in asset pricingA higher discount rate implies a riskier asset; it costs less to buy the future cash flows of riskier assets  No single investor can have access to all the information that will affect the price of a stock or bond, but the aggregate of all investors – the market price – is a pretty good representation of all informationUnexpected returns are generated from new information that was not previously reflected in the price of the stockThe vast majority of active traders on Wall Street fail to outperform the marketUnderstand what your investing objective are; different objectives will have different levels of priority in your life and they will have different optimal portfolios to fund them  By the time you are worried about something, it has already been reflected in market pricesOwning too much of your employer's stock may overexpose you and your portfolio to one centralized entity, given it is the source of your human capital and now a sizeable percentage of your investment portfolio  Having an emergency fund all the time is one way to prepare for a recessionDirect exposure to real estate doesn't offer anything special over publicly-traded REITs once adjusted for sector exposure and the valuation lag in private marketsFinancially fragile households have lower financial, emotional, and physical well-being; they have less satisfaction at work; and they report less social connection   Read the full notes @ podcastnotes.orgToday is our final episode featuring just the two of us before our annual wrap-up show, and we thought we would use this opportunity to cover some important foundational aspects of rational investing. Ben goes over some of the most fundamental concepts about market prices, risk, and actual returns before answering five common questions that relate to this level of information. From investing in an employer's stock to predicting the future and real estate comparisons, these five touch-points are always worth returning to, and should even interest the more experienced of our listeners. For the second half of the show, we offer a quick book review of The Culture Playbook by Daniel Coyle, and have a brief and illuminating conversation with Professor Amer Kaissi about his book, Humbitious, and some of his thoughts on the part that reading plays in rich and progressive life. Press play to catch all this and more on the Rational Reminder Podcast.   Key Points From This Episode:   Picking up a thread from our discussion on the 2% Rule. (0:06:05) Getting to grips with investing basics. (0:10:45) How market prices work in response to traders' actions and risk. (0:17:59) The main determinants of actual returns and starting points for your portfolio. (0:23:15) Unknowable futures and the eternal doom and gloom predictions. (0:35:43) Assessing the value of owning an employer's stock. (0:38:21) Holding stock picks in Tax-Free Savings Accounts. (0:42:07) How to prepare a portfolio when a recession is predicted. (0:43:49) Comparing investments in real estate with the stock market. (0:45:14) Weighing the value of building and emergency fund. (0:47:11) A thirty-second recap of our episode with Cliff Asness. (0:50:06) Today's book review focussing on the lesson from The Culture Playbook by Daniel Coyle. (0:51:48) Professor Kaissi shares a quick summary of his book, Humbitious. (0:58:40) The potential to develop characteristics and the role that reading plays. (0:59:38) Professor Kaissi talks about his reading habits. (1:02:12) Application of ideas from books and how Professor Kaissi captures and organizes information in his own reading. (1:05:15) A few of Professor Kaissi's favourite book recommendations and how to increase your reading habit. (1:08:52)     Participate in our Community Discussion about this Episode: https://community.rationalreminder.ca/t/episode-231-investing-basics-and-common-questions-plus-reading-habits-w-amer-kaissi-discussion-thread/20716 Books From Today's Episode: Humbitious: The Power of Low-Ego, High-Drive Leadership — https://amzn.to/3WjHjry Mindset — https://amzn.to/3Wzl7Kr Quiet — https://amzn.to/3htlN4X The Five Dysfunctions of a Team — https://amzn.to/3YmKqRv The SPEED of Trust — https://amzn.to/3UWCljq Top Five Regrets of the Dying — https://amzn.to/3uQcUWf The Assertiveness Workbook — https://amzn.to/3VVDVUf How to Raise Your Self Esteem — https://amzn.to/3BDM33p Ego Is the Enemy — https://amzn.to/3BAyCkZ Links From Today's Episode: Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Shop Merch — https://shop.rationalreminder.ca/ Join the Community — https://community.rationalreminder.ca/ Follow us on Twitter — https://twitter.com/RationalRemind Follow us on Instagram — @rationalreminder Benjamin on Twitter — https://twitter.com/benjaminwfelix Cameron on Twitter — https://twitter.com/CameronPassmore Amer Kaissi on Twitter — https://twitter.com/amerkaissi10 Amer Kaissi on LinkedIn — https://www.linkedin.com/in/amer-kaissi-ph-d-38258919/ Amer Kaissi — http://www.amerkaissi.com 'The Value of Goals-Based Financial Planning' — https://www.financialplanningassociation.org/article/journal/JUN15-value-goals-based-financial-planning 'Excessive Extrapolation and the Allocation of 401(k) Accounts to Company Stock' — http://independent401kadvisors.com/library_articles/ExcessiveExtrapolation.pdf 'The Agony of Ecstasy: The risks and rewards of a concentrated stock position' — https://assets.jpmprivatebank.com/content/dam/jpm-wm-aem/global/pb/en/insights/eye-on-the-market/agony-ecstasy-2021.pdf 'The financial resilience and financial well-being of Canadians during the COVID-19 pandemic' — https://www150.statcan.gc.ca/n1/pub/75f0002m/75f0002m2021008-eng.htm

Today is our final episode featuring just the two of us before our annual wrap-up show, and we thought we would use this opportunity to cover some important foundational aspects of rational investing. Ben goes over some of the most fundamental concepts about market prices, risk, and actual returns before answering five common questions that relate to this level of information. From investing in an employer's stock to predicting the future and real estate comparisons, these five touch-points are always worth returning to, and should even interest the more experienced of our listeners. For the second half of the show, we offer a quick book review of The Culture Playbook by Daniel Coyle, and have a brief and illuminating conversation with Professor Amer Kaissi about his book, Humbitious, and some of his thoughts on the part that reading plays in rich and progressive life. Press play to catch all this and more on the Rational Reminder Podcast.   Key Points From This Episode:   Picking up a thread from our discussion on the 2% Rule. (0:06:05) Getting to grips with investing basics. (0:10:45) How market prices work in response to traders' actions and risk. (0:17:59) The main determinants of actual returns and starting points for your portfolio. (0:23:15) Unknowable futures and the eternal doom and gloom predictions. (0:35:43) Assessing the value of owning an employer's stock. (0:38:21) Holding stock picks in Tax-Free Savings Accounts. (0:42:07) How to prepare a portfolio when a recession is predicted. (0:43:49) Comparing investments in real estate with the stock market. (0:45:14) Weighing the value of building and emergency fund. (0:47:11) A thirty-second recap of our episode with Cliff Asness. (0:50:06) Today's book review focussing on the lesson from The Culture Playbook by Daniel Coyle. (0:51:48) Professor Kaissi shares a quick summary of his book, Humbitious. (0:58:40) The potential to develop characteristics and the role that reading plays. (0:59:38) Professor Kaissi talks about his reading habits. (1:02:12) Application of ideas from books and how Professor Kaissi captures and organizes information in his own reading. (1:05:15) A few of Professor Kaissi's favourite book recommendations and how to increase your reading habit. (1:08:52)     Participate in our Community Discussion about this Episode: https://community.rationalreminder.ca/t/episode-231-investing-basics-and-common-questions-plus-reading-habits-w-amer-kaissi-discussion-thread/20716 Books From Today's Episode: Humbitious: The Power of Low-Ego, High-Drive Leadership — https://amzn.to/3WjHjry Mindset — https://amzn.to/3Wzl7Kr Quiet — https://amzn.to/3htlN4X The Five Dysfunctions of a Team — https://amzn.to/3YmKqRv The SPEED of Trust — https://amzn.to/3UWCljq Top Five Regrets of the Dying — https://amzn.to/3uQcUWf The Assertiveness Workbook — https://amzn.to/3VVDVUf How to Raise Your Self Esteem — https://amzn.to/3BDM33p Ego Is the Enemy — https://amzn.to/3BAyCkZ Links From Today's Episode: Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Shop Merch — https://shop.rationalreminder.ca/ Join the Community — https://community.rationalreminder.ca/ Follow us on Twitter — https://twitter.com/RationalRemind Follow us on Instagram — @rationalreminder Benjamin on Twitter — https://twitter.com/benjaminwfelix Cameron on Twitter — https://twitter.com/CameronPassmore Amer Kaissi on Twitter — https://twitter.com/amerkaissi10 Amer Kaissi on LinkedIn — https://www.linkedin.com/in/amer-kaissi-ph-d-38258919/ Amer Kaissi — http://www.amerkaissi.com 'The Value of Goals-Based Financial Planning' — https://www.financialplanningassociation.org/article/journal/JUN15-value-goals-based-financial-planning 'Excessive Extrapolation and the Allocation of 401(k) Accounts to Company Stock' — http://independent401kadvisors.com/library_articles/ExcessiveExtrapolation.pdf 'The Agony of Ecstasy: The risks and rewards of a concentrated stock position' — https://assets.jpmprivatebank.com/content/dam/jpm-wm-aem/global/pb/en/insights/eye-on-the-market/agony-ecstasy-2021.pdf 'The financial resilience and financial well-being of Canadians during the COVID-19 pandemic' — https://www150.statcan.gc.ca/n1/pub/75f0002m/75f0002m2021008-eng.htm

Grab a copy of Your Investment Philosophy at your local Amazon, or if you're in Australia at this Amazon link:https://www.amazon.com.au/Your-Investment-Philosophy-Protecting-Fraudsters/dp/B0BCCYSN6L Hosted on Acast. See acast.com/privacy for more information.

Of course, you want to protect your family and your savings from unforeseen consequences, but is life insurance the best option? Can life insurance be an investment rather than a cost? In today's episode of the Rational Reminder Podcast, we take a look at everything life insurance and dig into some hard-hitting research on the subject. We break down the various insurance products available and unravel the nuances regarding returns, dividends, and the associated fees. We discuss why there is so much confusion regarding returns and associated risk, how your contribution can affect your returns, and why you may not get the payout you expected. We also delve into what makes each insurance product different from the next, whether predictions on insurance policy returns are possible, and how insurance compares to other asset classes. If you're looking for insight into the potential tax benefits of life insurance and a breakdown of the different scenarios where life insurance is needed, this is the episode for you!   Key Points From This Episode:   The main topic of the episode: permanent life insurance. (0:04:29) Defining insurance and how it is typically structured. (0:04:44) ‘Term life insurance' and how it works. (0:05:41) A brief outline of the differences between term insurance and permanent insurance. (0:07:37) Details about term life insurance and the benefits to the policyholder. (0:09:37) Another type of life insurance: universal life insurance. (0:11:05) How investments within a life insurance policy are designed. (0:13:20) An interesting insight Ben came across while researching insurance. (0:14:38) Non-participating whole life insurance and the associated cash value. (0:16:00) A breakdown of participating life insurance and what makes it different. (0:18:42) The basis for performance and premiums on participating insurance. (0:21:43) Whether or not it's possible to predict returns from insurance products. (0:25:25) Reasons for the obscurity surrounding insurance products and expected returns. (0:25:49) The policy illustration software that many insurance companies use. (0:29:35) Insight into post-tax returns of permanent insurance on death. (0:35:23) An overview of when you would need life insurance. (0:40:58) The long-term expected death benefits compared to other assets. (0:43:03) Insight into the commission incentive associated with insurance policies. (0:45:47) Highlights of a recent presentation that Ben gave at an IAFP conference. (0:46:53) Feedback received about the Jonathan Berk and Jules van Binsbergen episode. (0:49:01) A summary of recent news about rate changes and developments at Vanguard. (0:56:23) This week's review of The Art of Gathering, about meeting more effectively. (01:00:55) An honourable mention of another book, Your Investment Philosophy. (1:06:22)  

In this episode we follow up on Episode 209 with some recent (as in this week) Wade Pfau references that confirm what we said about overly pessimistic SWR assumptions.   And then we answer emails from Justin, Drew, Jim and Chris.  We discuss REITs and the Risk Parity Chronicles series about them, good sources for information about factor or "smart beta" investing, and questions about transitioning from accumulation to decumulation when you are close to "winning the game."Links:Retire With Style Podcast #34:  Retire With Style - Episode 34: Even In Volatile Markets, Find Out Why The 4% Rule Distribution May Be Too Low (google.com)Risk Parity Chronicles REIT Series Conclusion:  Post-script to REITs series: How do individual REITs compare? (riskparitychronicles.com)Rational Reminder Podcast #213:  RR #213 - Expected Returns and Factor Investing - YouTubeRational Reminder Podcast #129:  RR #129 - Five Factor Investing with ETFs - YouTubeResolve Asset Management YouTube Channel:  ReSolve Asset Management - YouTubeSupport the show

Identity helps shape our perception and thinking about the world around us. What is identity? How does it influence our perspective? These are some of the questions we answer in this episode of the Rational Reminder Podcast. In this episode, we talk with Jay Van Bavel, an Associate Professor of Psychology and Neuroscience at the University of New York, an affiliate at the Stern School of Business in Management and Organizations, and Director of the Social Identity and Morality Lab. He is also co-author of the book The Power of Us, which provides readers with cutting-edge research in psychology and neuroscience to explain how identity really works and how we can harness it for the better. His research focuses on how group identities, moral values, and political beliefs shape the mind, brain, and behaviour. He has published over 100 academic publications on the topic and has won various awards for his research achievements. In our conversation, we unpack the complexity of identity and its influence on our perspective and decision-making abilities. We cover aspects such as the differences between self-identity and group identity, how to be aware of your biases, the role that leaders play in influencing identity, and how identity plays out in social relationships. We also talk about how group identity interacts with democracy and the role of social media in shaping our identity, as well as learn some practical advice to help broaden your perspective.   Key Points From This Episode:   We start the show by learning the basics of group identity. [0:03:29] How group identity differs from self-identity. [0:04:04] He explains how impactful group identity is to individual identity. [0:05:06] Whether there is good data on how many groups people typically identify with. [0:06:08] How aware people are of the groups they identify with. [0:07:27] Ways in which group identity affects decision-making. [0:08:12] The effect group identity has on setting and achieving goals. [0:09:35] General ways group identity affects social relationships. [0:15:21] A deeper explanation about groups, memberships, and physical presence. [0:17:28] Differences between introverts and extroverts. [0:19:18] How group identity affects our thinking and perspective. [0:20:43] Associate Professor Van Bavel explains how to foster social cohesion, using America as an example. [0:25:41] Find out if people have a default identity that determines their perspective. [0:28:41] What people can do to be aware of which identity is affecting their thinking. [0:30:10] Find out if group identity affects how people learn new information. [0:31:58] Whether people can change or broaden their identity to improve decision-making. [0:34:18] Practical advice to help broaden someone's perspective. [0:37:25] The challenges of changing your group identity entirely. [0:39:34] Steps that one can take to view the world more objectively. [0:42:04] A rundown of how leaders influence the thinking and decision-making of individuals. [0:45:47] An outline of what qualities to look out for in groups. [0:48:49] The influence of social media on which groups people identify with. [0:52:21] We learn if following people on social media with opposing views helps break down group barriers. [0:55:57] An explanation of how group identities interact with democracy. [0:58:48] The differences between current political divisions and past political divisions. [1:03:59] How well studies on the topic can be replicated. [1:05:43] We end the show by learning how Associate Professor Van Bavel defines success. [1:09:18]

In today's episode, we beg the question: is factor investing worth it? Factor-tilted portfolios tend to perform independently of the market and today, we break down a few of the characteristics associated with higher expected returns, as well as the challenges of factor investing. We give a brief history of pricing models and walk step-by-step through a hypothetical factor investment; taking the Fama and French five-factor model into account. Additionally, we discuss liability duration and bond returns and speculate whether pooling finances results in greater relationship satisfaction. Tune in to hear our take on everything from book clubs and the impact of inflation on consumption liability assumptions to our final verdict on whether factor investing is, in fact, worth your while.   Key Points From This Episode:   The latest phenomenon of people paying to go on popular podcasts. [0:01:58] Interesting feedback we've received for our Crypto series. [0:03:49] Why not to make an investment decision based on one person's opinion. [0:04:53] The evaluation skills our Crypto series equips listeners with. [0:06:05] Upcoming guests on the Rational Reminder Podcast! [0:07:31] Some interesting LinkedIn connections we've made in the past few weeks. [0:16:06] Recommended book for kids: Way of the Warrior Kid 3. [0:18:11] Recommended book for adults: The Psychology of Money. [0:21:08] The model of our firm's book club and our experience of it so far. [0:22:02] Does pooling finances result in greater relationship satisfaction? [0:24:35] Liability duration and bond returns according to the current change in bond yields. [0:26:22] How inflation impacts consumption liability assumptions. [0:29:11] The positive effect the changes in the bond market have had on pension funds, relative to their liabilities. [0:30:20] The main topic of the day: is factor investing worth it? [0:32:30] The long-term volatility for factor-tilted portfolios. [0:33:56] What factor investing is and the added risk it entails. [0:34:51] A brief history of pricing models. [0:35:53] A few characteristics associated with higher expected returns. [0:39:25] The challenges of factor investing. [0:39:47] How to determine the mix of factors that captures all relevant state variable sensitivities. [0:42:56] The significance of size premium. [0:46:07] Speculating whether factors deliver premiums. [0:47:57] The steps involved in a hypothetical factor investment. [0:48:57] A few important facts about factors. [0:53:23] The benefits of having more independent risk premiums in a portfolio. [0:54:56] Our verdict as to whether or not factor investing is worth it. [0:57:02] Why it's important to take tracking error into account. [0:57:38] The tendency of factor-tilted portfolios to perform differently from the market. [0:57:48]

Welcome to another episode of the Rational Reminder Podcast! We start by reviewing The Fearless Organization, and learn some important concepts such as psychological safety in the workplace, allowing people to voice their concerns, and the value of continuously learning. We also discuss a paper on index investing followed by a quick discussion on gender equality in finance.  We then take a deep dive into today's main topic, ‘Stocks for the Long Run…?', by unpacking research to see if stocks are still a valuable long-term investment. Finally, we end the show with a conversation about our 22 and 22 book challenge with Mark Sutcliffe, and find out about his reading habits and the books that have had the biggest impact on him.   Key Points From This Episode:   An update about the podcast and feedback received about the crypto series. [0:03:55] A rundown of the guests we have planned for future episodes. [0:07:43] Outline of the ‘mixed-bag' reviews received about the show. [0:08:28] News and updates regarding the Rational Reminder reading challenge. [0:13:07] This week's book review of The Fearless Organization by Amy C. Edmondson. [0:14:45] We talk about an interesting paper ‘On Index Investing' [0:24:42] Follow-up on and discussion concerning gender equality in finance from previous episodes. [0:28:34] We dig into today's main topic, ‘Stocks for the Long Run.' [0:33:38] Issues surrounding using Stocks for the Long Run data to draw insights. [0:35:22] What has been achieved to solve issues regarding a lack of data on stock returns. [0:41:45] An important insight from research on the value of stocks and bonds in the long term. [0:47:17] A breakdown of some interesting findings from the paper, ‘Global factor premiums'. [0:48:00] Overview of the research discussed and whether stocks are still valuable long-term investments. [0:53:54] The Rational Reminder 22 and 22 book challenge conversation with Mark Sutcliffe. [0:55:09] What Mark has discovered about the world of social media while working remotely. [0:56:58] Mark shares details about his reading habit and his favourite books growing up. [0:57:53] Whether he has a favourite genre of book. [01:00:11] How Mark sources books to read and how he captures interesting information. [01:00:44] The books that Mark commonly recommends to family and friends. [01:03:05] Find out if Mark thinks being an author changes how you read books. [01:05:12] Advice that he has for people who want to read more. [01:06:33]

Welcome back to another comprehensive and informative episode in this limited series of the Rational Reminder Podcast, a weekly reality check about the world of cryptocurrencies. We are lucky to have another respected figure in the crypto world on our show, technology veteran Tim O'Reilly. Tim is a well-known educator and publisher in the crypto community and the Founder, CEO, and Chairman of O'Reilly Media. He has been involved in the technology industry since the inception and rise of Silicon Valley and, with over 35 years of industry experience, he is known for popularizing the terms ‘open-source software' and ‘Web 2.0' and is a respected commentator on the space. In today's show, we do a lot of looking backwards with Tim and draw insight from his vast experience in the industry to discuss what the future of cryptocurrencies holds. We also talk about what separates companies that survive from those that do not, problems in society that blockchain technology can be used for, and changes that have taken place in the technology industry during Tim's career, as well as what the definition of true innovation is, and much more.   Key Points From This Episode:   What Tim's definition of a technology unicorn is. [0:03:07] The problems that Web3 could solve and what makes a product innovative. [0:04:39] Differences between companies that survived the .com bust and those that did not. [0:11:05] Whether Tim thinks there are promising projects in the crypto or Web3 space. [0:18:36] How society would change if Web3 became the new normal. [0:22:19] Examples of the applications blockchain technology could have for record-keeping. [0:24:36] Tim shares his thought son whether or not we need blockchain technology for aspects where the state is involved. [0:27:24] Ways in which the evolution of crypto has changed Tim's mental map of the future. [0:31:37] The role public blockchains could play in breaking the recentralization trend in decentralized technologies. [0:35:02] Tim tells us if he thinks centralization is a bad thing. [0:37:15] Past mistakes and innovation within the tech industry. [0:41:39] Tim's opinion on the support of Web3 from venture capitalists. [0:44:02] Whether or not building technology outside of the government's reach is the right way to improve society. [0:46:46] Advice Tim has for those who are looking to get rich from cryptocurrencies. [0:50:35]

Welcome to another episode of the Rational Reminder Podcast! In today's jam-packed episode, we start by going through the feedback received on our limited crypto series and outline upcoming guests. We also give a breakdown of Cal Newport's book, Deep Work, and the importance and long-term benefits of engaging in deep work. We then follow-up on our recent episode with Rebecca Walker by discussing gender equality in financial planning. Lastly, tune in to also have a rundown of the housing market and its investment potential, price risks associated with home ownership, the effects homeowner's occupation has on their household investment and more!   Key Points From This Episode:   We go through feedback received on the limited edition crypto series. [0:01:40] An outline of the upcoming guests we are going to have on the show. [0:05:51] This week's book review, Deep Work written by Cal Newport. [0:09:01] Some of the common workplace problems highlighted in the book. [0:14:30] How work can be more enjoyable than free time and reasons why. [0:15:56] Ways to overcome common workplace problems and engage with ‘deep work.' [0:16:47] The long-term benefits of engaging with deep work and why it is needed. [0:20:21] A follow-up on our recent episode with Rebecca Walker and the feedback received. [0:20:49] Discussion about the data that is related to Rebecca's points from the episode. [0:22:10] We unravel the nuance concerning the gender pay gap and financial planning. [0:26:10] An important takeaway concerning our discussion on the gender pay gap. [0:33:19] Rundown of the housing market and its investment potential. [0:33:58] Find out how an owned home can act like an investment. [0:37:42] Learn more about ‘Portfolio Theory' concerning property investment. [0:40:50] An interesting aspect regarding peoples' occupation and property investments. [0:46:18] How people reduce the risk associated with property investments. [0:47:45]

Welcome back to another episode of our limited addition Crypto Series on the Rational Reminder Podcast, a weekly reality check about sensible investing and financial decision-making. Are cryptocurrencies and the associated technologies beneficial? Could they change the world for the better? There is a lot of controversy surrounding the use and application of cryptocurrencies and the associated technologies. Some say the innovation is ultimately useless while others think it is the answer to society's problems. To help us unpack this complicated and hot-button topic is Bruce Schneier, an internationally-renowned security technologist, author, and educator. The focus of his work is the intersection of security, technology and people. Bruce also has an immense passion for educating people about cryptocurrencies. Examples of his well-known books include Liars and Outliers and Data and Goliath, which provide much-needed insight to readers about DeFi technologies and big monopolies. He also lectures in public policy at the Harvard Kennedy School and is a fellow at the Berkman Klein Center for Internet and Society. In our conversation, we discuss the debate surrounding cryptocurrencies such as privacy concerns of digital cash, what makes Bitcoin different from earlier digital currencies, aspects of public blockchain technology, the misapplications of crypto technology, the different forms and approaches to cryptocurrencies, and whether DeFi technologies can be beneficial to society, and what the biggest concerns are regarding cryptocurrencies. Join us today as we take a detailed look into the value and drawbacks of crypto and DeFi technology with Bruce Schneier!   Key Points From This Episode:   What the objective was of early digital cash projects, like DigiCash. [0:03:27] The privacy concerns associated with digital cash. [0:04:45] Whether financial surveillance should be a concern for people. [0:05:45] Differences between Bitcoin and earlier forms of digital cash. [0:08:35] How good technology is at solving economic and political problems. [0:09:30] Details about the pieces that come together to make public blockchains work. [0:10:29] Why Bruce considers proof of work to be an idiotic way to form consensus. [0:13:43] Whether alternatives to proof of work resolve wasteful energy practices. [0:16:01] The new properties that public blockchains offer. [0:17:04] We find out if public blockchains do what their proponents say they do. [0:17:37] The claims that crypto proponents make regarding blockchain are discussed. [0:19:29] We discuss the misapplications of crypto and DeFi technologies. [0:20:23] Outline of the systems of trust that humans use to incentivize good behaviour. [0:23:26] Whether cryptocurrency technologies will become secure and trusted. [0:27:49] Reasons for the perspective ‘code is law' from crypto technologists. [0:30:02] Whether ‘one CPU, one vote' is how blockchains are working in practice. [0:31:35] We discuss other ideas and emerging technologies in the crypto space. [0:33:24] If government intervention is needed for crypto technologies and currencies. [0:36:21] How cryptocurrencies can be included in the mainstream financial system. [0:39:06] Bruce shares his opinion on the future of NFTs for artists to be able to capitalize on their creativity. [0:40:08] What the potential impacts of crypto technologies on younger generations are. [0:43:48] How blockchain erodes moral and reputational incentives to act responsibly. [0:45:26] Ways in which cryptocurrencies can help people who are ‘bankless' and avoid high bank fees. [0:46:13] Break down of a real-world scenario where blockchain is being used in an alternative way. [0:49:00] Bruce tells us whether Bitcoin is suitable as a global currency. [0:50:55] The message that Bruce hopes his students will take away after his class. [0:51:59] If the government is beginning to take regulation of cryptocurrencies seriously. [0:52:43] What aspects, if any, excites Bruce about cryptocurrencies. [0:53:04] What Bruce's biggest concerns about cryptocurrencies are. [00:53:43]

There's no doubt about it; money is a taboo topic in our society. But not talking about money only serves to uphold inequalities and injustices. Rebecca Walker is an advocate for transparency and, during this episode of the Rational Reminder Podcast, she shares the importance of exploring the factors that have influenced our relationship with money so that we can begin to understand how we can use money as a tool to effect the kind of changes we want to see in the world. This is the intention behind her latest collection, Women Talk Money. No matter your gender, race, or financial standing, this episode will provide you with a new perspective on how to approach money. Rebecca is a well-known speaker, author, consultant and was named by Time Magazine as one of the most influential leaders of her generation. Tune in today.   Key Points From This Episode:   What money represents and why it is so important that we understand it better. [0:02:21] The intention behind Rebecca's latest collection, Women Talk Money. [0:03:05] A brief overview of some of the stories Rebecca shares in her book about our relationship with money and how it impacts our lives and society as a whole. [0:05:13] How race, class, and gender impact how knowledge about money is transferred. [0:08:50] Problems that arise when we aren't transparent about our finances. [0:11:22] How the way we approach money ties into many broader societal issues. [0:15:45] Examples of how not talking about money renders people powerless. [0:17:45] Rebecca explains how she has taught her son about money from a young age. [0:20:58] Rebecca's approach to talking to other people about money. [0:22:30] Issues that may stem from an obsession with money. [0:24:32] How Rebecca defines “enough.” [0:27:09] The role that men can play in empowering women in relation to money. [0:29:24] Advice for women who are struggling to form a healthy relationship with money. [0:33:33] How Rebecca defines success in her own life. [0:36:04]

The Rational Reminder Podcast ✓ Claim Welcome to another episode of the Rational Reminder Podcast, a show helping people to make educated financial decisions and investments. We usually interview an expert on each show however, in this episode, we take a beat and try something different. In today's jam-packed episode, hear updates regarding our goals survey, the schedule for upcoming guests on the show, the latest news and highlights from the financial world, and some of the feedback we have received about the show. We also highlight interesting articles and papers regarding tech valuations, expected stock returns, the performance of venture capital funds, and a book recommendation that will help you understand the finance game. Tune in to learn about the results of the recent social survey in Canada, the basics of private equity funds, the challenges of calculating the Internal Rate of Returns for investors, some of the misconceptions surrounding private equity, and much more! Don't miss out on this informative and well-rounded episode of the Rational Reminder Podcast with your two favourite Canadians!   Key Points From This Episode:   We start the show with an exciting announcement for our listeners. [0:02:07] An update regarding the Goals Survey Project and what needs to be done. [0:03:30] A rundown of the upcoming guests for the show. [0:04:44] Outline of the reviews and criticisms received about the show. [0:05:55] A breakdown of the book for today's review, Finite and Infinite Games. [0:10:07] Background about the author of the book, James P. Carse. [0:10:57] The main point of the book: the differences between finite and infinite games. [0:11:16] An interesting quote from the book regarding culture. [0:14:42] Highlights of the recent news and updates in the financial world. [0:17:02] Insights from an interesting article about tech valuations by Cliff Asness. [0:19:47] Another interesting paper by David Blitz about expected stock returns. [0:23:09] A discussion regarding the recent social survey implemented in Canada. [0:26:07] We discuss the basics of private equity as an investment strategy. [0:30:06] Why the math used is problematic for calculating the Internal Rate of Return. [0:32:35] The results of a paper which investigated the performance of venture capital funds. [0:39:01] More insights from follow-up papers about private equity. [0:42:24] Examples of the type of risk exposures that private equity provides. [0:49:36] The impacts associated with the preference for illiquid assets. [0:52:00] Some of the misconceptions surrounding diversity in private equity funds. [0:52:44] What are the best metrics to use to measure returns on private equity. [0:56:00]

The Rational Reminder Podcast ✓ Claim Welcome to another episode of the Rational Reminder Podcast. In today's jam-packed episode, hear updates regarding our goals survey, the schedule for upcoming guests on the show, the latest news and highlights from the financial world, and some of the feedback we have received about the show. We also highlight interesting articles and papers regarding tech valuations, expected stock returns, the performance of venture capital funds, and a book recommendation that will help you understand the finance game. Tune in to learn about the results of the recent social survey in Canada, the basics of private equity funds, the challenges of calculating the Internal Rate of Returns for investors, some of the misconceptions surrounding private equity, and much more! Don't miss out on this informative and well-rounded episode of the Rational Reminder Podcast with your two favourite Canadians!   Key Points From This Episode:   We start the show with an exciting announcement for our listeners. [0:02:07] An update regarding the Goals Survey Project and what needs to be done. [0:03:30] A rundown of the upcoming guests for the show. [0:04:44] Outline of the reviews and criticisms received about the show. [0:05:55] A breakdown of the book for today's review, Finite and Infinite Games. [0:10:07] Background about the author of the book, James P. Carse. [0:10:57] The main point of the book: the differences between finite and infinite games. [0:11:16] An interesting quote from the book regarding culture. [0:14:42] Highlights of the recent news and updates in the financial world. [0:17:02] Insights from an interesting article about tech valuations by Cliff Asness. [0:19:47] Another interesting paper by David Blitz about expected stock returns. [0:23:09] A discussion regarding the recent social survey implemented in Canada. [0:26:07] We discuss the basics of private equity as an investment strategy. [0:30:06] Why the math used is problematic for calculating the Internal Rate of Return. [0:32:35] The results of a paper which investigated the performance of venture capital funds. [0:39:01] More insights from follow-up papers about private equity. [0:42:24] Examples of the type of risk exposures that private equity provides. [0:49:36] The impacts associated with the preference for illiquid assets. [0:52:00] Some of the misconceptions surrounding diversity in private equity funds. [0:52:44] What are the best metrics to use to measure returns on private equity. [0:56:00]

Welcome back to another limited series of Rational Reminder Podcast, focused on learning about cryptocurrencies. Our journey about cryptocurrencies has led us to speak to various experts on the subject, all of whom see some benefits to cryptocurrencies and the underlying blockchain technology. However, what does a skeptic think about cryptocurrencies and the benefits to the current financial system? In today's episode, we speak to Stephen Diehl, a software engineer who works with financial technology within the finance sector and is an outspoken cryptocurrency skeptic. His engineering background, coupled with his experience working with financial technology, provides a unique perspective on the future of cryptocurrencies. We move through the episode learning about public blockchain technology, different consensus mechanisms, what potential problems blockchain technology can solve, whether crypto can improve the current financial system, if Bitcoin really is decentralized, what drives crypto prices, reasons why crypto will not work, what makes it similar to gambling, and more. Tune in today to hear a unique opposing view of cryptocurrencies and DeFi technology with expert and skeptic, Stephen Diehl!   Key Points From This Episode:   A brief breakdown of public blockchain technology. [0:03:28] The current problems that public blockchain technology is trying to solve. [0:04:16] Proof of work consensus and how it tries to eliminate the need for a trusted third party. [0:05:44] Some of the downsides associated with the proof of work concept. [0:07:41] How other consensus mechanisms have improved the proof of work concept. [0:09:21] What the costs associated with proof of stake relative to proof of work are. [0:11:09] Problems that both consensus methods have regarding recentralization. [0:12:07] What other problems blockchain technologies can be used to solve. [0:12:50] The problems in the financial technological system that public blockchains solve. [0:14:29] Why finality of payments associated with cryptocurrencies is not a good thing. [0:15:42] What limitations can blockchain technology remove regarding international money transfers. [0:17:06] How to prevent double-spending under the current financial system. [0:20:34] What Stephen thinks drives the value of cryptocurrencies. [0:21:15] Whether Bitcoin is decentralized in Stephen's opinion. [0:23:19] Reasons why concentrated mining power does not cultivate decentralization. [0:24:46] How permissioned blockchains can improve on the pitfalls of public blockchains. [0:25:40] A discussion about the potential benefits of private blockchains. [0:27:15] We learn what a smart contract is. [0:29:49] Outline of other useful applications for smart contracts. [0:31:25] Examples of illicit activities associated with cryptocurrencies. [0:32:08] Code is law: deferring to code for implementing law. [0:33:17] What Stephen thinks is the value of the underlying blockchain technology. [0:34:32] Stephen explains what Web3 is and if it improves the financial system [0:37:05] We find out if there is anything about crypto technologies that excite him. [0:41:06] The most compelling argument for crypto that Stephen has heard. [0:43:08] He explains what he means by suffering stemming from cryptocurrencies. [0:44:40] Stephen shares his experiences as an outspoken crypto skeptic. [0:45:26] How he began working with researchers from the London School of Economics. [0:47:03] Discussion about the narrative of cryptocurrencies and why Stephen is outspoken on the subject. [0:50:33]  

In today's episode, we share some updates from our Financial Goals Survey, respond to a listener who says we are wrong about dividends, and talk about Scout Mindset by Julia Galef. We then respond to a listener question about whether our comments in Episode 205 on private equity extend to private real estate. In our main topic, we unravel what money is by looking back at its origin story and the two competing theories about what it is. We discuss the ideological underpinnings of money and how these ideologies can make choosing a definition of money highly political. We end the episode talking to Dan Solin about his reading habits. Dan Solin joined us almost four years ago for an episode on evidence-based investing. Tuning in, you'll hear how Dan finds the books he reads, what his favourite types of books are, and whether he recommends books to people, plus he shares why he believes reading is so essential, and much more. Don't miss out on another well-rounded and informative episode of the Rational Reminder Podcast.   Key Points From This Episode:   An update on the progress of our Financial Goals Survey. [0:03:32] Your monthly update on the reading challenge and how to get involved. [0:04:52] An update from our limited crypto series and some of the feedback we've received. [0:08:00] This week's book review: The Scout Mindset. [0:16:29] Simple set of tools to help you assess biases when receiving new information. [0:19:18] Following up on private investments concerning real estate. [0:24:32] Onto the main topic of the show with Dan Solin: money and what it is. [0:29:09] Where the perception and definition of money originated from. [0:31:00] Unpacking an alternative definition of money by Adam Smith. [0:37:32] The quantity theory of money and its application in the economy. [0:40:14] An interesting political aspect to forming John Locke's theory of money. [0:46:49] Outlining of the history of opposing views on the theory of money. [0:47:25] A break down of the findings of an anthropological review investigating money. [0:49:47] How money is neither commodity nor quantity but rather a measure of credit. [0:51:32] The state theory of money and how it is different from other theories. [0:53:39] What sets the price level of money based on credit theory. [0:55:06] A discussion around money based on the several theories of what it is. [0:57:22] Why fiat money is not a derogatory term for currencies. [0:59:30] Some of the nuances regarding the definitions of money in a modern context. [1:00:07] Dan shares his reading habits as an author. [1:01:05] Whether Dan reads hard copies, audiobooks, or Kindle. [1:01:32] The difference between reading and streaming in Dan's opinion. [1:02:08] Insight into some of Dan's favourite types of book. [1:03:11] How he finds new books to read and what inspires his reading interests. [1:05:40] Ways in which Dan organizes what he reads and learns. [1:08:47] Whether or not he recommends books to other people. [1:09:33] Reasons why Dan believes it is important to read books similar to his latest book. [1:12:21] Dan's advice for people that want to read more. [1:14:10]

Welcome to another special episode of Rational Reminder Podcast, a show to help us learn about cryptocurrencies and their role in our current and future financial systems. In today's show, we speak to Tobin Hanspal, an Assistant Professor of Finance at the Vienna University of Economics and Business who has written several papers focused on household finances. Tobin's research area offers insights into the behaviours of retail investors in the crypto space and how this may affect household finances. In this episode, we take a deep dive into some of the papers that Tobin has authored and how his findings relate to the behaviours and biases of crypto adopters. We discuss the investment behaviours of early crypto adopters, the role of EFTs in reducing risk, the different types of investor groups, how past experience negatively affects investor confidence, how behaviours change after an initial crypto investment, the disposition effect, how cryptocurrencies are an extension of existing behaviours, and much more! Be sure not to miss out on this informative episode with expert, Tobin Hanspal!   Key Points From This Episode:   How Tobin investigated the investment behaviour of early crypto adopters. [0:04:24] Whether indirect crypto investments are a good proxy for crypto investors. [0:08:10] Why it is important to consider the different types of investor groups. [0:10:23] The differences between individual characteristics of crypto adopters and non-adopters. [0:10:55] Comparison of eventual crypto adopters and non-adopters [0:12:37] What kind of sector ETFs do crypto adopters choose to invest in. [0:13:48] Differences between the crypto and non-crypto investors, in terms of typical investor behaviour biases. [0:15:01] How cryptocurrencies are an extension of traditional high-risk investing. [0:16:39] Whether the behaviour of investors changes after their first crypto investment. [0:17:37] The differences in behaviour between early and late adopters. [0:19:15] What insights Tobin has regarding the geographical location of crypto adopters. [0:20:36] What percentage of their portfolios' do adopters allocate to crypto. [0:21:11] Find out if crypto investors buy lower-risk assets to make up for cryptocurrencies. [0:21:36] What differences exist between crypto and non-crypto investors regarding efficiency. [0:22:51] Description of the typical crypto investor characterized in their study. [0:23:39] Tobin explains the disposition effect and how belief systems play a role. [0:25:56] How risk appetite is related to the disposition effect. [0:28:05] People's beliefs: are expected returns affected by past experience in expected realized returns. [0:29:20] Whether positive or negative realized past return experiences have the same effect on beliefs. [0:31:19] How peoples' beliefs affect investing in riskier assets. [0:32:07] Changes in behaviour on a household level from past negative investment experiences. [0:33:23] The role experiences of peers and/or relatives have on investment belief. [0:38:16] Reasons for people reducing risk in their portfolios. [0:38:50] Tobin shares if he thinks cryptocurrencies will have similar effects on peoples' behaviours. [0:39:42] How applicable the findings are from Tobin's study to other parts of the world. [0:41:54] What the ideal theoretical response is to losing money on an investment. [0:42:47] Important takeaways that Tobin has for crypto investors. [0:43:23]

Welcome back to another exciting and informative episode of the Rational Reminder Podcast, a show all about finances and how to get the most of your money responsibly. To make the right decisions regarding your investments, besides the knowledge and understanding of financial systems, you also need to understand the psychology behind your decisions. To help us unpack this complicated and interesting subject is Professor Vanessa Bohns, a Social Psychologist and Professor of Organizational Behaviour at Cornell University. Professor Bohns has a Ph.D. in Psychology from Columbia and is the author of You Have More Influence Than You Think: How We Underestimate Our Power of Persuasion, and Why It Matters. The topic of the book is exactly what today's show is about, as we delve into the intricacies of human behaviour and decision-making. In today's episode, we learn about the influence that people have on one another, how people perceive one another, the human behaviours that scammers take advantage of, why people worry about saying the wrong thing, what the default behaviour of people is, why people struggle to say no to a request, and so much more! Don't miss out on this fascinating episode with special guest and expert, Professor Vanessa Bohns!   Key Points From This Episode:   How much impact and influence people have on one another. [0:03:09] What people tend to notice about other people. [0:04:50] Why people don't realize what other people are paying attention to. [0:08:58] How being in the presence of other people affects experiences. [0:10:31] Whether communicating with someone about a shared experience amplifies it. [0:12:41] Reasons why some people are underconfident in their social lives. [0:13:20] Problems that stem from underconfidence. [0:15:52] The consequences of underestimating how much people like us. [0:18:02] Why people worry about saying the wrong thing. [0:20:53] Whether it is default to believe or disbelieve when assessing information. [0:22:55] The impact of people interacting with people anonymously. [0:26:01] How the default to believe people impacts receiving advice from experts. [0:27:22] The authority on a subject can switch between domains of expertise. [0:31:19] Ways in which scammers take advantage of behavioural biases. [0:32:22] Problems caused by people being dishonest or spreading false information. [0:34:47] Approaches to ensure that you are not spreading misinformation unintentionally. [0:36:04] Why asking for what you want is so effective. [0:38:21] Whether asking for what you want becomes easier over time. [0:40:33] The effect that money has when asking for something. [0:42:24] Differences in response to small or large requests. [0:43:48] How responses differ between direct and indirect requests. [0:45:23] What effect asking in person as opposed to over email or text have on responses. [0:47:20] Reasons behind the hesitancy for people to ask for what they want. [0:49:04] Why people find it difficult to reject a request from someone. [0:50:36] Whether saying no in person is the same as saying no over email. [0:52:12] Feeling guilty and whether you should feel bad asking for things. [0:53:52] How people generally respond to unethical requests. [0:56:21] Find out if people with authority realize how much influence they have. [0:59:01] Approaches to help people be more aware of their influence. [1:00:58] A rundown of the impacts of not being aware of other people has. [1:05:12] We end the show with Professor Bohns sharing her definition of success. [1:07:41]

Welcome to another episode of the Rational Reminder Podcast, a show helping people to make educated financial decisions and investments. We usually interview an expert on each show however, in this episode, we take a beat and try something different. In today's jam-packed episode, hear updates regarding our goals survey, the schedule for upcoming guests on the show, the latest news and highlights from the financial world, and some of the feedback we have received about the show. We also highlight interesting articles and papers regarding tech valuations, expected stock returns, the performance of venture capital funds, and a book recommendation that will help you understand the finance game. Tune in to learn about the results of the recent social survey in Canada, the basics of private equity funds, the challenges of calculating the Internal Rate of Returns for investors, some of the misconceptions surrounding private equity, and much more! Don't miss out on this informative and well-rounded episode of the Rational Reminder Podcast with your two favourite Canadians!   Key Points From This Episode:   We start the show with an exciting announcement for our listeners. [0:02:07] An update regarding the Goals Survey Project and what needs to be done. [0:03:30] A rundown of the upcoming guests for the show. [0:04:44] Outline of the reviews and criticisms received about the show. [0:05:55] A breakdown of the book for today's review, Finite and Infinite Games. [0:10:07] Background about the author of the book, James P. Carse. [0:10:57] The main point of the book: the differences between finite and infinite games. [0:11:16] An interesting quote from the book regarding culture. [0:14:42] Highlights of the recent news and updates in the financial world. [0:17:02] Insights from an interesting article about tech valuations by Cliff Asness. [0:19:47] Another interesting paper by David Blitz about expected stock returns. [0:23:09] A discussion regarding the recent social survey implemented in Canada. [0:26:07] We discuss the basics of private equity as an investment strategy. [0:30:06] Why the math used is problematic for calculating the Internal Rate of Return. [0:32:35] The results of a paper which investigated the performance of venture capital funds. [0:39:01] More insights from follow-up papers about private equity. [0:42:24] Examples of the type of risk exposures that private equity provides. [0:49:36] The impacts associated with the preference for illiquid assets. [0:52:00] Some of the misconceptions surrounding diversity in private equity funds. [0:52:44] What are the best metrics to use to measure returns on private equity. [0:56:00]

John List is the recently appointed Chief Economist at Walmart, and is also a Professor of Economics at the University of Chicago, having worked as the Chief Economist at Uber and Lyft. He has published a huge array of important papers in the field of economics and is also the author of the recent book The Voltage Effect, which deals with the question of how to scale ideas successfully. We are very excited to bring you this episode, which is a particularly illuminating one, in which we draw on John's treasure trove of insight and experience, to answer a long list of questions related to personal finance decision-making. A large portion of our chat focuses on the central ideas of critical thinking and fieldwork, practices that our guest views as indispensable in making the world a better place. Along the way we get John's thoughts on retirement planning, public policy, charitable donations, and much more, so make sure to press play on this fantastic episode of the Rational Reminder Podcast.   Key Points From This Episode:   John explains the importance of fieldwork in the study of economics. [0:03:51] Examples of field experiments that overturned a supposed economic truth. [0:05:15] Finding ways to test theories that previously proved difficult. [0:08:30] The question of generalizing findings from an experiment to a wider rule. [0:13:30] Replication in academic studies; John unpacks its central importance. [0:20:46] Why positive results tend to garner a publication bias. [0:23:38] John's perspective on checking in on investment portfolios. [0:24:40] What the data shows us about investment behaviours of men and women. [0:28:38] Accounting for the drive to give to charity. [0:35:20] Advice for how to make the most of your donations. [0:39:42] John unpacks his findings on scaling, its importance, and what he calls 'the voltage effect'. [0:44:41] The impact of technological advancement on our ability to scale certain solutions. [0:48:27] How field experiments can influence the process of scaling big ideas. [0:54:47] Hindrances to healthy scaling; confirmation biases, and herding. [0:56:17] Impacts of loss aversion and marginal thinking when scaling ideas. [1:05:28] Reasons for the difficulty of tackling globally important issues; multidimensionality and politics. [1:15:10] Weighing the utility of incentives when trying to encourage retirement savings. [1:19:16] Thoughts on bringing more reliable science into the policy-making process. [1:21:26] How parents can approach the promotion of critical thinking in their children. [1:25:45] John's approach to the questions he pursues; how he evaluates potential ideas and questions. [1:31:10] A little bit about John's new post as Chief Economist at Walmart and what the job entails. [1:33:53] How John defines success at this point in his life and his focus on inputs. [1:33:53]

Today, on the Rational Reminder Podcast, we are tackling a few interesting topics that tie into recent and forthcoming conversations with our amazing guests. In this 'us only' episode, we are focusing on thematic ETFs and the truth about dividend investing. After a quick look at The Quick Fix by Jesse Singal, some reflections on the past six months at ARK Invest, and the lessons we can still learn from the dot-com crash, we get into the meat of today's episode by way of Ben's recent experiences on a discussion panel about the utility of thematic investing. From there, we transition into the 'relevance of dividend irrelevance' and share some of the most illuminating and pertinent findings. In the end, our argument is simply that dividends are not the way to go and are an inefficient policy on many fronts. This has not deterred many investors, however, and we get to grips with the kinds of behaviours associated with dividends before espousing what this can mean for you and your objectives. To catch all of this and links to some of the best research available, be sure to listen in with us today.   Key Points From This Episode:   Today's book review of The Quick Fix by Jesse Singal and its critique of popular psychology. [0:12:30] Inflows at ARK Invest; the startling commitment that we are currently seeing. [0:21:48] Reflections and information that we dug up on the dot-com crash in the '90s. [0:22:30] Notes on thematic ETFs garnered from the recent panel Ben was on. [0:25:09] Disentangling the relevance of dividend irrelevance. [0:35:45] The performance of a dividend portfolio and a better idea of expected returns. [0:40:28] Empirical findings about dividend investors and their actions in relation to yields, diversification, and more. [0:42:01] The tax inefficiency of dividends and what this means for capital gains. [0:49:01] Underlining the importance of dividend investor's consumption and its sensitivity to dividends. [0:51:31] How the problem with dividends is compounded outside of the US. [0:57:11]  

Goal-setting has been a divisive subject of discussion for us here on the Rational Reminder Podcast, and today we dive a bit deeper into the topic with the help of the amazing Ayelet Fishbach, author of the recent book Get It Done. Ayelet is an expert in motivation and a Professor of Behavioral Science and Marketing at the Chicago Booth School of Business. Her focus in her work is researching social psychology, management and consumer behaviour, and having her on the show to share some of this amazing insight is a real honour! In our conversation, we cover many sides of the goal-setting process, exploring the vast array of research that Ayelet has done and has examined. We talk about the difference between intrinsic and extrinsic goals, the outcomes of tracking progress, what makes an effective goal, and what is meant by a 'goal-system'. Ayelet also shares how this research can inform tasks such as retirement planning, and the work of financial advisors. So for this and a whole lot more that is bound to be illuminating, fascinating, and potentially life-altering, be sure to join us on the show.   Key Points From This Episode:   Using goal-setting to address our inability to predict elements of the future. [0:03:50] Differentiating between intrinsic and extrinsic goals. [0:05:00] Ayelet lists some examples of effective goals and their qualities. [0:06:37] The dangers of avoidance and unhealthy goals and how to recognize these. [0:10:48] Exploring the parts of human psychology that push us to always want more. [0:14:46] How quantifiable, self-set targets for goals can aid the process of achieving them. [0:17:18] Weighing the benefits of creating incentives associated with the goals you set. [0:21:45] The roots of intrinsic motivation and how to foster more of these. [0:25:13] Making the pursuit of a goal enjoyable and why this is so important. [0:29:21] How these findings on goal-setting relate to long-term retirement planning. [0:32:10] Ways for financial advisors to make certain processes and tasks more enjoyable for their clients. [0:33:36] The impact of tracking and monitoring progress towards a goal. [0:35:03] Learning from failure and why this can be an unreliable strategy for achievement. [0:39:36] Ayelet describes a goal system and its most important components. [0:43:06] Writing out goal systems and an explanation of the chart that is included in Get It Done. [0:46:17] Prioritization and how to choose between conflicting goals. [0:48:02] Strategies for keeping on track with resolutions; the role of intrinsic motivation and the question of temptations. [0:50:14] How other people and our social environment influence our ability to reach our goals. [0:55:04] Ayelet responds to Ben and Cameron's tendency to avoid setting bigger goals. [0:56:41] How Ayelet goes about setting goals for herself, and how she applies her expertise to her role as a parent. [1:00:53] Learning as the marker of success; why Ayelet feels that she never left school. [1:03:42]  

We talk Norway, the Government Pension Fund Global, Chile, EMH, price realization, active vs passive, ESG & governance, the Cleese Principle (90/10), hand wringing over the growth in indexing, and more. Follow Robin @robinwigg on Twitter, www.FT.com where he is Global Finance Correspondent, Buy Robin's book here. Listen to his interview with The Rational Reminder Podcast & @cameronpassmore, follow Wes Gray @alphaarchitect, Jason Zweig @jasonzweigwsj, and the paper praising the Norway's Government Pension Fund Global was referenced in The Future of Pension Management by Keith Ambachtsheer. Follow your host, John Emrich @dogma_kick on Twitter and https://www.linkedin.com/in/kickthedogma/ on LinkedIn.

While there is certainly room for rigorous debate regarding market efficiency versus inefficiency, there are many who dismiss Eugene Fama's Efficient Market Hypothesis (EMH) as an incorrect model without understanding what the implications are or how to test it. In today's episode of the Rational Reminder Podcast, we tackle some common market efficiency myths and misconceptions using Fama's 1970 paper on EMH as well as supporting papers by Kenneth French, Lubos Pastor, José Scheinkman, and many others. You'll also hear about behavioural finance, quantitative investing, human bias, and momentum as they relate to market efficiency before debunking some anecdotal misconceptions about EMH involving Warren Buffet and Renaissance Technologies. In addition to our fascinating main topic for today, you'll get a glimpse into the four waves of a career in Cameron's review of The Long Game by Dorie Clark and Benjamin shares some notes and corrections regarding the user cost model from Episode 180: Is Canada Really in a Housing Bubble? We also discuss housing as a depreciating asset, innovation stocks in deep value territory, and the size of innovation platforms relative to global market cap and what that means for investors, plus a whole lot more. Make sure not to miss this jam-packed episode for everything you need to know (and forget) about market efficiency!   Key Points From This Episode:   Kicking off with a book review of The Long Game by Dorie Clark. [0:10:53] Four waves of a career as per Dorie Clark: learning, creation, connecting, reaping. [0:13:04] Benjamin readdresses the user cost model from Episode 180 on the Canadian housing bubble (or lack thereof). [0:16:06] Insights from the user cost model regarding price sensitivity and rate changes. [0:20:13] Addressing common confusion regarding housing as a depreciating asset. [0:22:53] Speaking of bubbles: innovation stocks in deep value territory as per Cathie Wood. [0:26:08] ARK's forecast for innovation platforms and the 30-40 percent compound annual rate of return their strategies could deliver in five years. [0:32:01] What deep value looks like according to ARK; prices to book, sale, and earnings. [0:33:30] Thoughts on the size of innovation platforms relative to global market cap. [0:34:47] Why growth in earnings per share, not market cap, results in growth in returns. [0:36:14] The impetus for today's topic: Market Efficiency Myths and Misconceptions. [0:40:03] Eugene Fama' himself on why the market isn't expected to be perfectly efficient. [0:41:44] Testing market efficiency categorized by weak, semi-strong, and strong forms. [0:42:29] Why applied micro-economist and market design specialist Eric Budish believes the market is objectively inefficient at the millisecond horizon. [0:43:35] What EMH has to say about information markets, competition, and actual prices. [0:45:11] Some ways to test market efficiency taking different models into consideration. [0:47:22] Understanding what EMH does not say, including that prices are right at all times. [0:50:43] Alternative models to EMH; behavioural finance as explained by Professor Hersh Shefrin in Episode 167. [0:53:18] What Wes Gray says about quantitative investing and human bias in Episode 69. [0:59:09] Market efficiency and given anomaly: seasonality, momentum, and more. [1:02:12] Ken French on how momentum relates to market efficiency in Episode 100. [1:03:40] Anecdotal misconceptions involving Warren Buffet and Renaissance Technologies. [1:08:54] Whether or not people with specialized knowledge earn excess returns. [1:13:13] Overconfidence as per Ben-David, Graham, Harvey, Scheinkman, and Xiong. [1:17:18] Talking Cents: we share our comfortable and uncomfortable responsibilities. [1:23:53]

One of the pillars of our approach at The Rational Reminder Podcast and PWL Capital is the idea of index investing, a concept that is both fundamental and deeply embedded. Today we are very lucky to have John 'Mac' McQuown on the show, who was behind the creation of the first equity index fund. It is hard for us to overstate just how important this contribution has been to the world of finance and any fund managers and investors that share our philosophy. Mac's work back in the 1960s, his position at Wells Fargo, and his contribution to the founding of Dimensional Fund Advisors all speak for themselves, and we are extremely grateful to get some perspectives from this titan of the world of rational and data-driven investing. In our chat, we get to hear about some of the key points in Mac's career and the general arc of the rise of indexing and diversified investing, the key figures that he worked alongside, his thoughts on the future, and the importance of environmentalism in today's world. So, to hear it all from a hero and giant in the space, be sure to listen in with us today.   Key Points From This Episode:   Looking back at the role of data at the beginning of Mac's career. [0:03:00.2] Wall Street in the 1960s, and the amusing experiences Mac had early on. [0:04:20.6] Mac's initial findings when he started analyzing institutional portfolios. [0:07:44.5] Joining Wells Fargo and the team that Mac found himself on. [0:08:28.1] The strong support that Mac and the quantitative approach were given at Wells Fargo. [0:13:36.7] Early tracking of index funds and Mac's memories of the first index they tracked. [0:18:21.3] The initial institutional responses that Mac received to his work with data. [0:20:46.5] How Wells Fargo contributed to the first commercially available index fund. [0:22:24.6] Mac's connection to Jack Bogle and the results of their relationship. [0:27:18.2] The seeds of iShares; Mac traces the beginnings at Wells Fargo. [0:29:57.7] Perspectives on why people still have belief in active investing. [0:33:19.4] Mac's memories of working with David Booth during the founding of Dimensional. [0:34:41.8] Differentiating between Dimensional funds and index funds. [0:36:44.3] Weighing concerns about the growth of indexing and how this may affect pricing and governance. [0:39:52.5] Mac's environmentalist philosophy and his thoughts on practical steps against climate change. [0:42:10.6] How Mac defines success in his life and its relationship to increased curiosity. [0:45:00.2]

We have reached the end of another year, our third while doing this podcast. We are spending this episode on our customary year-end review, and we will be pulling segments from some of the great interviews we hosted over the course of 2021. In doing so, we hope to create a bit of summary of the year and the biggest lessons we all learned together. The podcast has continued to grow beyond our wildest expectations and we are so grateful to be on this journey with our ever-increasing community and audience. We touch on many themes in this recap, moving from general ideas about life, goals, happiness, abundance, and purpose, to more financial subjects of money values, retirement, and crypto, and then into the deeper technical aspects of investment such as value premiums, factors, bonds, and much more. We have tried our best to focus on the segments that we found most enlightening and that changed our perspective, and have highlighted them with reflections and commentary. So to hear it all, join us today, and we'll see you next year, for more of the Rational Reminder Podcast.   Key Points From This Episode:   Looking at some of the amazing numbers around the growth of our community. [0:02:37.2] A few shoutouts to the wonderful people who make this podcast possible. [0:04:27.8] Bill Schultheis on how to find and fund a good life. [0:08:34.5] Hal Hershfield's thoughts on making better decisions with your future wellbeing in mind. [0:10:44.3] Ashley Whillans on the relationship between time-poverty and wellbeing, and increased leisure time. [0:13:39.7] Jennifer Risher weighs in on the importance of performing meaningful work. [0:17:24.5] Robin Taub's family money value's from her book, The Wisest Investment: [0:20:04.1] Jennifer Risher's approach to managing money values at home. [0:22:27.7] Katy Milkman applies the central idea from How to Change to saving money. [0:23:22.7] Johanna Peetz on how to use the idea of a future self to reach a goal. [0:26:38.6] Paul Merriman shares his experiences of the relationship between money and a good life. [0:28:27.7] Adriana Robertson's legal perspective on the rise of index funds. [0:33:48.4] Jay Ritter on the question of market efficiency. [0:36:41.8] Hersh Shefrin's emphatic and nuanced advice about how to act in relation to the market. [0:38:20.3] John Cochrane on the shifting relative value of stocks. [0:39:43.3] Rob Arnott shares his thoughts on the drawbacks of cap-weighted indexing. [0:42:31.5] Antonio Picca on the drawbacks of a factor-based investment strategy. [0:47:01.6] John Cochrane on making decisions around owning value stocks. [0:48:10.7] Campbell Harvey talks about conditions for concentrated portfolios. [0:52:20.2] Bill Schultheis on tilting for factors versus sticking with market cap indices. [0:54:02.6] Adriana Robertson shares what the research tells us about the basis for investment decisions. [0:54:46.1] Hersh Shefrin on what really matters with regards to portfolio construction. [0:57:33.0] Antonio Picca on more active approaches and capturing premiums through rebalancing. [0:41:26.0] Brad Cornell explains the differences between a factor and a characteristic. [1:01:52.2] Rob Arnott, David Booth, and Antonio Picca weigh in on the question of value stocks at present. [1:04:22.6] Robert Novy-Marx's approach to cheap stocks and high profitability. [1:11:54.1] Dave Plecha on owning bonds today, in light of historically low interest rates. [1:15:12.0] Anna Lembke on how our daily and long-term decisions are influenced by dopamine. [1:18:20.0] Cullen Roche shares his thoughts on the future of market inflation. [1:22:57.2] Don Ezra's lessons for retirement and better preparation. [1:24:57.6] Anna Lembke on the results of increases in leisure time. [1:27:37.1] David Blanchett's thoughts on the evolving role of the financial advisor. [1:30:50.0] Don Ezra 'seven asset classes of life's abundance portfolio'. [1:33:42.9]

In our final episode of 2021, Sam shares some ideas for 2022. Here are the details of our recommendations. Raising Fame Podcast. Rational Reminder Podcast.  He discusses 4 core values for your life or business. 1 - Deliver Massive Value 2 - Be Intentional 3 - Do what Works 4 - Take Accountability We hope you've enjoyed this podcast and that you have a happy and healthy festive break. Here's to a great 2022. As always please do leave us a rating or review on iTunes. If you have anyone you think would be a good guest please don't hesitate to introduce them. We love you comments feedback and suggestions - write to us - hello@engagefs.co.uk  Our twitter handles are @samsloma1 & @engage_FS Our Instagram handles are @samsloma & @engagefinancial

The contemporary world is saturated with ways in which we can experience rewards that were historically much more difficult to access. Although this idea of a world filled with dopamine fixes is not new, it can be continually surprising just how extreme this reality has become. Here on the show today to talk about this issue and her most recent book, Dopamine Nation, is Dr. Anna Lembke, and we have a fascinating and important conversation in which she unpacks the human body and mind in relation to the world around us at present. One of the main points from this chat is the weakness of humans, and how unaware we can be of the way our brains compel us to engage in behaviours and seek pleasure. We get into some strategies and solutions for healthier ways to exist, talking about mindfulness, awareness, and dopamine fasting, in the face of accelerating tech and overabundance. Dr. Lembke gives us a great introduction to dopamine and how it functions in our bodies, unpacks the four properties of addictive substances and activities, the different ways to frame and understand addiction, and shares some realistic ideas about moderation. So to hear all this and much more, tune in to this great episode of the Rational Reminder Podcast.   Key Points From This Episode: An introduction to dopamine and its functions in the human body. [0:03:03.2] The human brain and the current overabundance of addictive experiences and substances. [0:05:36.1] Contemporary increasing in different types of addiction. [0:08:13.8] Considering the inherently negative connotation of the word 'addiction'. [0:11:44.4] The reasons that make gambling so addictive to the human mind. [0:14:12.7] Applying what we know about addiction and gambling to speculation and the stock market. [0:18:03.2] Why working also falls into the category of addictive behaviours. [0:21:46.8] Looking at the addictive nature of spending money and shopping. [0:24:01.5] A shocking story about water addiction from Dr. Lembke's practice. [0:25:12.1] Thoughts on recognizing addiction and possible ways to stop the behaviours. [0:26:22.2] Using in moderation; Dr. Lembke comments on the realities of this idea. [0:29:32.7] Long-term decision making versus a dopamine-laden environment; the battle of our time. [0:31:00.4] Understanding hormesis, seeking pleasure through pain, and embracing volatility in a portfolio. [0:34:54.6] The impacts of increased leisure time and the question of what we need. [0:38:47.6] Lembke's advice around retirement and the dangers of dopamine deficit states. [0:42:43.3] How the era of the pandemic has affected these trends in addiction. [0:45:20.2] The relationship between radical honesty and dopamine; how lying is related to reward pathways. [0:48:39.6] Radical honesty and better parenting; Dr. Lembke's thoughts on transparency. [0:54:01.3] Weighing the value of shame and its power as a socially regulating force. [0:55:51.2] Lembke's definition of success and its connection to being a good parent and becoming a positive force in the world. [1:00:01.6]

Today we have a somewhat unique episode for all of our listeners, rounding up the news and information from the world of finance and investment before we welcome Ben Rabidoux back to the show. Ben was a guest on Episode 96, which aired early during the pandemic last year, and we are so happy to have him here for another appearance, to touch in with his real estate expertise, and his thoughts on the current issues facing the Canadian housing market. Ben is the Founder of Edge Realty Analytics and North Cove Advisors and is essentially a real estate analyst, which means he has many clients that are institutional investors and fund managers, who he helps with the real estate side of their portfolios. In this conversation, Ben gives us loads of insight into the current landscape of Canadian real estate, the roots of the contemporary conditions, and what the data can teach us about the high prices that are so prevalent at present. We also hear from Ben about some potential policy solutions, and how the pandemic has affected the rental market. So for all this and a whole lot more in today's episode, be sure to join us on the Rational Reminder Podcast.   Key Points From This Episode:   Some of the best media we have encountered recently; podcasts, documentaries, and more. [0:02:01.3] News from the community and why we had to ban a user for the first time. [0:03:46.1] Quick book reviews of the illuminating DeFi and the Future of Finance and Blockchain Bubble or Revolution. [0:07:05.8] Changes in the world of finance and investment; Walgreens' new bank account and beyond. [0:12:22.3] Today's listener question dealing with research-based investment decisions and frequently cited papers. [0:15:27.5] Recent research from Robert Novy-Marx and Fama and French on US value premiums and factors that matter. [0:22:01.3] How to view the possibility of a replication crisis in finance. [0:31:10.8] Findings on US exceptionalism and the relationship between national economic growth and returns. [0:33:49.6] Market crashes and the correlations between different countries. [0:37:12.6] Reflecting on Ben's appearance on the podcast during the early weeks of the pandemic. [0:39:38.3] The last few decades of the 20th century and how that explains the current climate. [0:43:50.2] The chronic issue of under-supply of housing from the industry. [0:45:30.1] Housing policies that would support the current rates of population growth. [0:48:20.4] Examples and thoughts on the recent house price increases. [0:48:48.6] Statistics of homes bought by investors; surprising numbers and data on purchases. [0:52:58.2] News from the rental market and the interesting ways the pandemic affected it. [0:57:05.1] Common Canadian perspectives on the potential for housing pricing to decline. [1:00:58.4] Ben's thoughts on possible solutions to the current problems in the housing sector. [1:03:47.6] The significant role of the private debt market in Canadian real estate. [1:08:02.2] What we can learn from historic data about the current housing prices. [1:12:15.1] Ben joins us for a round of questions from our Talking Sense cards about savings, happiness, and flow states! [1:15:27.4]

The evergreen subject of retirement planning is something that we prioritize here at the Rational Reminder Podcast, and today we have a very interesting conversation in which we explore the topic from a slightly different perspective. We are joined by Gordon Irlam, who is a notable researcher with a wealth of experience from the world of tech and beyond. We have the chance to ask Gordon about bonds, annuities, and optimal allocations for different outlooks, and also get his perspective on charitable giving, effective altruism, and different spending plans. Gordon has conducted some amazing research and even developed his own tools to help investors calculate the variables of their situations. This episode is a great gateway for listeners to explore these concepts, as well as make use of Gordon's resources. Our guest's personal story is equally fascinating, after working with Google early on, and subsequently starting a company that was then acquired by Google, Gordon has leveraged his experience and finances in order to continue asking questions that interest him and will definitely interest our listeners. So for this standout conversation with a great mind, be sure to take a listen.   Key Points From This Episode: Looking back on the Google equity that Gordon sold and how he feels about the decision now. [0:03:00.8] Google's acquisition of a company that Gordon started and the impact of this financial windfall. [0:04:33.1] Gordon's explanation of effective altruism and how he utilizes the idea. [0:06:25.3] Approaches to asset allocation for foundations and how this differs from personal funds. [0:10:28.7] Comparing practitioner and economist approaches to financial planning. [0:15:59.7] An explanation of stochastic dynamic programming and its strengths. [0:17:45.5] Why Gordon now favors reinforcement learning over stochastic dynamic programming. [0:20:12.6] Considering the role of annuities in Gordon's optimal model for retirement planning. [0:25:05.3] Constant spending versus variable spending in the optimal retirement plan. [0:27:55.2] Gordon's practical advice for entering retirement and tracking spending. [0:29:35.8] Exploring mean reversion in stock returns for tactical planning. [0:32:16.6] A message from Gordon about fixed guaranteed income and the value of long-duration inflation index bonds. [0:35:18.7] Advice to younger individuals and investors; the importance of saving. [0:36:18.9] Thoughts on possible future innovations for the problem of better portfolio building. [0:37:45.3] Gordon's definition of success: the ability to work on interesting and important problems. [0:40:26.2]

In 1952, Harry Markowitz published a now-famous article where he proposed that investors should optimize portfolio expected return relative to volatility. Markowitz helped investors realize that by owning a diverse basket of investments, they could significantly reduce their risk without suffering a commensurate reduction in their expected return. This insight marked the birth of Modern Portfolio Theory (MPT) and, by the late 1960s would come to change how investors across the globe thought about investing. The trouble is, some of the assumptions underpinning MPT are keeping more investors from embracing ESG and impact investing. Today's guest Jon Lukomnik joins us to discuss his new book Moving Beyond Modern Portfolio Theory: Investing That Matters. In the book, which is co-authored by James Hawley, Lukomnik and Hawley give a thorough accounting of how many of the assumptions underlying MPT are unrealistic or mistaken. For instance, MPT dictates that investors can mitigate systematic risks (the risks inherent in specific investment) through diversification but cannot influence large systemic risks (threats to the entire system) such as climate change or massive geopolitical instability. Lukomnik and Hawley argue that investors can and do affect systemic risks. For evidence, one need look no further than the 2008 financial crisis where investors fueled the rise of Mortgage-Backed Securities and other collateralized securities that eventually threatened to topple the global financial system. Similarly, MPT is wrong to assert that investors cannot mitigate systemic environmental or social risks like climate change. They can. But doing so requires investors to utilize tactics that aren't part of their traditional toolbox (e.g. shareholder engagement, policy & advocacy, etc.). Jon is well-positioned to write this book. He is currently Managing Director of Sinclair Capital, a consultancy to institutional investors and formerly was a senior city official running New York City's pension funds where he oversaw $80 billion in assets. He also co-founded the International Corporate Governance Network (ICGN), which now represents investors from 43 countries, overseeing some $42 trillion in assets. Jon has been a board member of public, private and not-for-profit companies. He is a three-time recipient of the NACD's Directorship 100 award for being one of the 100 most influential people in US corporate governance. He has also been honoured by the ICGN, Ethisphere, Global Proxy Watch and others. In this episode of the podcast, Jon and I discuss the major arguments from his book including; the importance of MPT; some of the flaws in its underlying assumptions; how the very success of MPT has further undermined the assumptions that underpin it; and why MPT apologists who argue that ESG and impact investing will underperform have it wrong. And be sure to stay tuned to the very end when Jon responds directly to a conversation from an investment podcast where the experts argue that ESG and Impact Investing is doomed to underperform. ENTER OUR GIVEAWAY - for a chance to win an awesome impact investing gift pack that includes a $250 Patagonia gift card, a 60 mins impact investing coaching call with yours truly, and two great impact investing books (including Moving Beyond Modern Portfolio Theory). Visit www.davidoleary.ca/giveaway to enter to win. Resources from this episode: Moving Beyond Modern Portfolio Theory: Investing That Matters by Jon Lukomnik & James Hawley Jon Lukomnik's firm Sinclair Capital Ep 124 of the Rational Reminder Podcast with Professor Lubos Pastor

The work of Bill Schultheis has had a profound effect on us here at the Rational Reminder Podcast, and eventually having him join us on the show is truly an honour! Bill is the author of the Coffeehouse Investor series and is currently the Principal and Senior Advisor at Soundmark, in Kirkland, Washington. Throughout his career Bill has dedicated himself to helping his clients make the choices that best serve them and their particular needs, and his approach has continued to grow and improve over the decades he has been in the game. We have a wonderful conversation with Bill, charting his course from his early days on Wall Street, to writing his first book and starting Soundmark, to where is today. Bill gives us some great insider insight into the important concepts from his books and also talks about current issues in the financial world, like the impact of cryptocurrencies. Towards the end of our conversation, we get even more philosophical with our guest sharing some thoughts on what constitutes a 'rich life', and the importance of listening to your heart when it comes to your big decisions. So for this and much more from an inspiring and sensible voice, be sure to join us today!   Key Points From This Episode: Bill's upbringing on a farm in Washington with a large family. [0:04:16.2] The route that Bill took to publishing his first book as a way to share the wisdom of indexing. [0:06:40.7] The beginnings of Soundmark and the first clients that Bill started helping. [0:10:13.4] Bill's most recent book and the three ground rules it lays out for readers. [0:12:36.3] Unpacking the 'coffeehouse investor' model portfolio. [0:18:20.7] How Bill approaches and explains diversification to his clients. [0:21:54.7] Thoughts on presenting data and challenging strongly held views from clients. [0:23:14.1] The impact of cryptocurrencies and commission-free trading on indexing. [0:25:53.6] Comparing the commonly held investing approaches of now and the 1990s. [0:29:01.0] The approaches to wealth building that Bill recommends to younger people. [0:30:52.7] How a persistent attitude served Bill when looking for a publisher for his book. [0:33:07.4] The basic strengths and weaknesses of index funds. [0:34:56.3] Bill's idea of a 'rich life' and what this means to him. [0:39:55.2] How to 'dial in your power settings' with your financial planning and common mistakes to avoid. [0:41:19.2] Listening to your heart and finding the financial and professional life that feels right. [0:44:52.7] How dissatisfaction can lead to unhealthy spending habits! [0:48:37.5] Bill's thoughts on the FIRE concept; pros and cons of adopting the philosophy. [0:50:31.4] The impact that The Millionaire Next Door has had on Bill's life and work. [0:51:48.2] How Bill defines success and the value he places on kindness. [0:52:51.7]

Welcome back to another episode of the Rational Reminder Podcast, where we give you the most considered and evidence-based information about investing in Canada. Our focus for this episode is the topic of tax loss harvesting, a subject we have touched on before but felt warranted a revisit, with some updates. To kick off the show, we review Playing to Win, looking at the illuminating perspective it offers with regards to strategy and preparation. From there we turn to some recent investing news on ETFs and Robinhood, before we get into the main course of today's show. There are plenty of pitches and arguments for why tax loss selling can be very rewarding, and while these are not necessarily false, there are certain ways in which the information can be misleading, or not comprehensive for all investors. We discuss how best to think about the supposed gains, noting the importance of high expected returns and the time frame in which a case study is made. We also think about some of the potentially negative results of letting tax drive your investment decisions, despite the seeming attractiveness of this route. One of the most important points here is the adjustment needed in order to apply these strategies to the Canadian market, as many of the pitches and research are based in the US system, which has significant differences when it comes to taxation. We highlight some red flags to look out for and give some more general warnings around rushing into investments that lean too heavily in this direction. So for all this and a bunch more great advice for your portfolio, join us for the show.   Key Points From This Episode: This week's book review of Playing to Win by Roger Martin and A G Lafley. [0:08:43.3] Continued increases for ETFs and comparing the statistics with recent history. [0:12:30.7] Some amazing statistics about Robinhood users and cryptocurrency investments! [0:15:18.5] A reintroduction to, and revisited analysis of, tax loss harvesting. [0:18:20.8] The best times to consider tax loss selling; waiting for high expected returns. [0:27:55.5] Recent findings on the tax alpha and modifying the arguments and assumptions. [0:33:20.5] Creating a new base case to work from with some helpful adjustments. [0:38:41.3] The importance of the time period when looking at historical returns for tax loss selling. [0:43:10.1] Cases in which we believe tax loss selling makes the most sense. [0:46:14.3] Looking at the tax implications of pooling funds with other investors. [0:49:02.7] Locating these tax loss strategies within a specifically Canadian context. [0:52:18.5] A couple Talking Sense cards dealing with leading and following, and protection. [0:55:25.5] Bad advice of the week; looking at pensions in the UK. [0:58:03.5]

There is an overarching investment philosophy that permeates most of what we do here at the Rational Reminder Podcast, and while some guests' positions might differ at times, it is rare that we have someone on the show whose approach is as strongly contrasted with ours, as Professor Brad Cornell. Professor Cornell's arguments are so well-founded and researched that they require a re-examination of positions that we feel have been a given for us for a long time. He is the author of about 150 referenced articles, four books, and has conducted hugely interesting work on the current state of value investing. His research with Aswath Damodaran, and insights into Tesla's valuation provide great food for thought, and we get into all of this on today's show! Our conversation also covers ways to go about picking a fund manager and a slightly different lens through which to view past performance. We feel truly grateful to have such a different, yet valid, perspective expressed so well here, and cannot wait to share this highly useful information with all of our listeners. Tune in to hear it all from Professor Brad Cornell!   Key Points From This Episode: The difference between a stock characteristic and a stock risk factor loading. [0:03:30.2] Some of the challenges in using characteristics to develop an investment strategy. [0:05:43.8] The problem of non-stationary frameworks as a starting point for investing. [0:07:33.4] How little we know about the cross-section of expected stock returns. [0:08:32.1] Concentrated, characteristic-focused portfolios versus something more diversified. [0:11:12.7] Unpacking the 'big market delusion' and the huge power of the narrative. [0:12:11.4] Looking at the example of the electric car market and what it teaches us. [0:16:18.4] Professor Cornell's thoughts on how to pick a fund manager. [0:21:23.0] Assessing the issues with mean reverting performance. [00:25:58] The most relevant ratio: price to a value estimat [00:30:35.2] Some thoughts from Professor Cornell on the rise in ESG investment. [00:32:22.5] Approaches to the expected equity risk premium for investors and planners. [00:39:45.0] Bringing in historical context to the conversation about predictability. [0:45:16.1] Professor Cornell's approach to calming down investors' reactivity to volatility. [0:47:56.5] A great definition of success from Professor Cornell! [00:49:57.2]

 Listen to Sound Investing on your favorite listening platforms: In this conversation, Paul Merriman talks with Rational Reminder Podcast hosts Benjamin Felix and Cameron Passmore, about how the right habits and investing approach can add millions to your retirement nest egg. Topics include: Paul’s investing philosophy, and how it’s been influenced by the work […]

In this conversation, Paul Merriman talks with Rational Reminder Podcast hosts Benjamin Felix and Cameron Passmore, about how the right habits and investing approach can add millions to your retirement nest egg. Topics include: Paul’s investing philosophy, and how it’s been influenced by the work of Eugene Fama. Why Vanguard’s portfolio allocation ensures that clients have the smoothest possible emotional relationship with their investments. The benefits of simple vs. complex funds, and how simple funds fit with the preferences of many do-it-yourself investors. Why emotion — and not strategy — gets in the way of successful investing. The challenges of sticking to portfolios that are heavily weighted in small-cap value stocks. The difficulties in working with clients, and the role of financial advisors. Top habits and beliefs that lead to investing success; a key focus of his latest book, We’re Talking Millions. Target date glide paths. How Paul’s foundation educates investors. The relationship between money and a life well-lived. The Rational Reminder Podcast is a weekly podcast on sensible investing and financial decision-making for Canadians. Each week, hosts Benjamin Felix and Cameron Passmore, Portfolio Managers at PWL Capital, discuss topics related to personal finance, investing, behavior, and financial markets with the intention of making our listeners better, more rational investors. You can watch this interview on YouTube at: https://www.youtube.com/watch?v=-SPAYhKKDDY